Q:I am planning to buy 2 apartments, both for investment purpose and would be taking loan for both of them.I get to understand that the first one is always deemed self-occupied and hence tax benefit of 1L for principal and 1.5L for interest paid is given. Is this true even if the property is not self-occupied and not given on rent?What will be the tax benefit would I get for both the apartments?
Latest Answer: If your property is not self occupied and also not given on rent, still you will get deduction in respect of housing loan interest up to Rs. 1.5 lakhs. If your second house property is given on rent, in that situation the entire interest on the second house will be deducted from the rental income.
