POSTED BY May 6, 2014 7:11 pm ONE COMMENT
ONI am servicing a home loan (Pre EMI – hence no tax benefits as of yet) and the project is delayed by a huge period. Hence I decided to take another house and am servicing EMI.
1)Can I claim tax benefit on the interest paid for the second home loan incase the second house is rented out. 2)If it is self occupied what are the benefits I can claim?
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Dear Ranga, for rented out house, yes, you can claim full interest for tax benefit. In case the 2nd house ‘ll be self occupied, the tax benefit is limited to 1.5L Rs. Interestingly the 2nd home loan is actually your first home loan from tax benefit perspective as 1st home loan is not under consideration as on date due to delay in possession.
Thanks
Ashal