Regarding deduction of housing loan interest on 2nd house

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Rajesh2345 (Querist)
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25 February 2013 Dear experts,

I know that interest on 2nd house if fully deducted from taxable income.

My question is.
1) Can this second house need to be in same city where i am staying or another city ?

2) If i had closed housing loan for first house , can i claim full interest of 2nd house as deduction Or to claim deduction of interest of 2nd house, the Housing loan of 1st house should not be closed?

Regards
yogi

@VaibhavJ

@VaibhavJ (Expert)
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25 February 2013 Hi,

No it can be in same city too. But if you are occupying 1st house then second house will be deemed to be let out property & Notional income will have to be added.

Thanks!!

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