Hi,
I have a question for those who have insight into taxes.
I have a home in which I am first owner and my father is co-owner. Loan is closed for the first house.
I have to change city due to change in job so planning to by another home. Currently first home is on rent (let out property) and this second home will be the one in which I will stay.
For this second home, me and my wife will be co-owners, so for me its second house loan but for my wife its first house loan.
I have following doubts related to income tax benefit me or my wife can take.
1. What all tax benefit I can take on second house loan?
2. If I cannot take all Tax benefit due to second house loan, can my wife take tax benefit as this is her first house loan?
3. Currently house is under construction, so can me or my wife show home loan principle and interest amount in income tax?
4. Once house is completed, how much interest part can be shown in tax?
Thanx & Regards
HB
CAclubindia
