Hi,
Me and my husband co-owned one house where we are staying currently. We purchased one more apartment in 2011 and it is still under construction. We both fall under the 30% tax bracket. Also, we have not taken any loan in either of the property.
Query 1: what are the tax implications for the 2nd property?
Query2: From when we need to pay the deemed tax as I do not think we can either occupy or rent the 2nd property immediately after getting possession from the builder?
Query 4: What about the wealth tax for the 2nd property?
Query 5: Can I declare the 2nd property as self-occupied even though I am staying in the 1st property considering the fact that the price (current as well as buying ) of the 2nd property is much higher than the 1st.
query 6: Does it make any sense to take home loan to repay the balance 10% amount for the 2nd property?
Thanks
Kalyani
CAclubindia
