I work with a MNC in Kolkata. I am currently living on rent of Rs. 12,000/-.  My current salary is around Rs. 20, 00,000/- per year.

I have to two houses purchased on loan, details of which are given below:

House A

Purchased in June 2002 in Delhi

Loan from IDBI (Rs. 600,000/-). Outstanding balance as on 29.02.2012, Rs. 98,000/-

For Financial Year 2012 -12, interest on house loan will be around Rs. 20,000/- and principal Rs. 30,000/-

Currently used by Parents for living.

I have been showing this house as “self occupied” and have been claiming deduction for interest on housing loan U/S 24 and repayment of principal U/S 80C till date.

Recently I have purchase another house on loan.

House B

Recently purchased a house in March 2012 in Kolkata.

Loan taken from Axis Bank (Rs. 50, 00,000/-) as on 1^st March 2012

For Financial Year 2012 -12, interest on house loan will be around Rs. 535,000/- and principal Rs. 75,000/-

Intend to use this for self occupation

Please can you guide me how I can use the provisions of income tax Act to get maximum tax benefit under the law for FY 2012-13.