I am planning to take a second home loan and I would like to understand the tax rebate ,
Once the second home is handed over to me in December this year I would move into the second house and rent out my first house . My second house has a extra room and I plan to rent the room from December 2016.
Below is my scenario.
1st Home - currently self occupied (market rent - 15000/month) and would be rented from Dec 2016.
2nd Home - to be handed over in Dec 2016 , it would be self occupied and for the extra room I would get a rent of Rs 5000/month.
Please let me know the rebate on the second housing loan interest and the income tax implications
CAclubindia
