Questions related to Second flat on loan in same city of work

POSTED BY t.nilesh2 ON May 23, 2014 7:05 pm NO COMMENTS

Dear Experts,

I have purchased a flat 4 years ago in same city where I am working. The home loan for the same will complete in 2026.

Currently I am paying 89000/- as Principal & 155000/- towards interest. If I buy another flat with Home Loan, say estimated Principal payment will be 20000/- & 135000/- towards interest payment.

And let out the second flat for 60000/- per annum.

My queries regarding to tax benefit are:-

1.       What if I buy second flat in same city where I am working,

2.       What if I buy second flat in another city,

Please Suggest…

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