It deduction on home loan - second house

Query 1 :

If the house is let out, the interest on the loan would be allowed to be deducted from the income from HP without any limit. However, the same would be capped at Rs. 1,50,000/- if not let out.

Query 2 :

For interest paid before the of the home is capitalised and is allowable to be deducted on the 5 years starting from the FY of completeion. However, the cap of Rs. 1,50,000/-  would include such capitalised interest.

You can not make any retro claims..!

Thanks much.

Since I have not regsitered and taken formal possession, I will not be able to submit any IT proofs to my organization to ensure IT deductions are done by my employer by March'2013.  However, when I file my IT returns, will I be able to claim these returns?

Regards,

Suresh

yes u can