Hi,
I have a homeloan of the flat I am residing in. I am paying EMIs and is claiming IT excemption of 150000.
I recently purchased another home at my hometown for my parents. i took homeloan for the same.
I am now deciding to buy third house, in present location. I have applied for loan it is already sanctioned.It is under construction and will get possession by June, 2014.
I have few queries.
1.Will I continue to get IT excemption from my first home loan?. Rs150000
2. As second home is not self occupied, will IT treat it as let out property? how to show municipal value of this house. Can I get IT excemption for this second house. Will it be limited to 150000 or not.
3. Third home is still under construction. Can I get an IT excemption for the same? I heard that I can get it only after construction is complete and that too for 5 years. i am not clear in this aspect. Can anybody please explain.
Regards,
EVS
CAclubindia
