Saturday, August 13, 2011

Taken 2nd Home Loan after clearing 1st. Has 2 portions & will be renting them. Can I get Home Loan Int. rebate?

I had Home loan for the flat in 2000 and cleared the same in Dec 2008 and I am staying the flat in Goa. Now in 2009, I took Home loan again and constructed house at Bangalore. It has two portions. One is rented out only in Feb 2010. However the other one is still not yet completed and will be over by April 2010. Now How can I get tas rebates on principal and interest being paid. Presently for 2009-2010, my interest payment was Rs. 2 Lacs and rent for two months got will be Rs. 10000. The other one once ready after April can fetch about Rs. 15000 pm. Now which house I can show as self occupied ( although Goa flat is occupied now, it can fetch only Rs. 10000 pm as notional rent) and how can I calculate and get max tax reductions that are payable to me.

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