I have recently purchased a second house. I have 10 months of EMI left for my first house ( co-owned by my wife). can i show the new house a my residing house and start claiming the tax benefit.
Also if once all the EMI are over (for both house) will i have to show the income from second property( rentted property) at that time also...
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Tax on second home
Replies (1)
where an assessee owns more than one hosue property, then he can show only property of his choice as self-occupied proprety and the other properties shud be shown as deemed to be le out properties.
In your case you can show anyone of your property as DLO property. then in this case you can claim the entire interest paid as deductible from teh income from hosue proeprty. However th loss arising from such property shud be more than 1500000, because in cae of SOP the maximum interet dedcution allowed fro tax is restriced to 1.50lacs only. so your loss shud be more than Rs 1.50lacs else you can shown the new property as SOP.
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