I have booked a house in Delhi with expected posession in 2017. I am living in Pune and have bought a house here after the Delhi house agreement. I have a hom eloan on both. So, the pune house would be considered as 2nd home with no limit on interest. Both the houses are jointly on my wife and my name. What are the possibilities of tax exemption here?
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First house under construction, 2nd house ready possession
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For IT the sequence as per your purchase date is immaterial. Any one property can be declared as self occupied. Any property other than self occupied, is either let out or deemed let out.
Both of you can get home loan principal + interest benefits as both of you are co-owners & co-borrowers. Only thing is rental income of (Delhi) second house will be added to your taxable income, after possession.
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