Tax benefit on 2nd home in the same city which is rented ?

POSTED BY ALOK DEV ON May 23, 2014 11:38 am NO COMMENTS

I purchased first home in Mumbai in 2008, the home loan for this property was repaid in 2010. I occupy this home.

In 2011 I purchased 2nd flat in Mumbai with a home loan, I have rented out this flat. I get Rs. 20K as rent and I pay EMI of Rs. 86K for this flat. I have currently only 1 home loan for the 2nd flat.

I have 2 questions

1. What is the tax benefit I will get in this scenario?

2. Someone has suggested me not to pay prepayment and take benefit of interest that I am paying for this home loan.

Request your advice.

Thanks
Alok

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