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POSTED BY ON March 16, 2015 10:56 pm ONE COMMENT
I’ve a flat whose EMI is going to end in next month , i’m intending to buy another flat in same location . Can you please let me know if i’ll be eligible for Home loan tax benefit ? the first Home has joint ownership with my wife. And planning to buy the second in same fashion
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You can go for a second home loan and you will be eligible for tax benefit.
But of the two, you have to declare one as residing and second as let out(it is deemed to be so even if you are not let it out, but the choice is yours as to which one to let out). On the let out one, you will have to show notional income and the same will be adjusted to the loss due to EMI.
If you find this difficult, please contact a CA.