Hi Everyone...
Need some clarification on home loans.
Following is the case...
Me and my wife currently stay in Mumbai at company provided accomodation (my wifes company). Currently we do not own any home. We are plannning to buy a home in another city Nagpur for investment purpose. This is a under construction property which will take another one year to complete. As we are situated in Mumbai and the property which we are purchasing is in Nagpur, will the normal dedctions of 1.5 lakhs for intrest payment and 1 lakh for principal payment(u/s 80c) be applicable or else only the intrest payment - rent recieved will be applicable.
Please help me in this case as soon as possible.
Thank you in advance
CAclubindia
