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Housing Loan Interest Deductions for 2 houses??

This query is : Resolved 
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(Querist)
21 April 2011 Hi!

I would like to know whether a person having one S/O property for which he has taken loan & residing in it and he bought another House, which is under construction and has taken 2nd loan & paying PRE EMI Interest. Can a person claim Housing Loan Interest of both loans ?? What will be the base of calculations?
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
22 April 2011 He can not claim interest on 2nd loan as he was not allowed possession of 2nd house. HE CAN CLAIM INTEREST ON PRE-OCCUPIED PERIOD (3 YEARS BEFORE THE YEAR IN WHICH POSSESSION WAS ALLOWED)IN 5 EQUAL INSTALLMENTS STARTING FROM THE YEAR IN WHICH POSSESSION WAS ALLOWED.
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