POSTED BY May 23, 2014 11:38 am NO COMMENTSON
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.