Income Tax benifit on home loans

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  1. Brijesh Shetty

    Brijesh Shetty New Member

    Hi,
    I have home loan on existing property which is around 9,00,000. This is a self occupied property.
    I have booked another property, which will be completed in year 2019. I will be availing loan facility for this new property
    BUT, but the time 2nd property is completed, the loan on first property will be over.
    The 2nd property will not be Self - occupied. (deemed let out). only 1st property will be self occupied.
    Under such situation, how much income tax benefits can be availed on in the loan repayment of the 2nd Property after its completion.
    Please advice, if I can claim all the interest amount on 2nd property, once my loan on 1st property is cleared?
    I didn't see this detail in the website, hence requesting your advice.
     
  2. Sudipto123

    Sudipto123 New Member

    In this case - one property would be considered as self-occupied and the other as let out.

    Full interest deduction would be allowed for the let out property
     
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