Hi ,
I am currently staying in Mumbai , With two under construction properties in Gurgaon and Noida . I currently availing tax deduction for the Gurgaon property (Its been under construction for the last 6 years :( ) . Also i do not know when it will actually be delivered. The noida property on the other hand will be delivered next year. I understand that under section 54 i can claim deduction from income tax for an unlimited amount for the interest paid for both the properties . Kindly advise if i should be transfering the interest to section 54 or take the standard 2 lac benefit . Also the deemed to be let out clause for the second property how am i supposed to be calculating it for under construction properties.
Please advise the best way forward.
Rgds
Jagdhir
CAclubindia
