I live in Chennai. I am planning to buy a flat in Pune. For this I am taking home loan from a bank in Pune. I will be continuing to stay in Chennai only (that means I will not be occupying / possessing personally this flat). Can you plz clarify on the income tax benefit for this scenario? My assumption is that I will be eligible for the interest portion of Rs. 150000/- (which will be directly deducted from my taxable income) & Rs. 100000/- for principal portion (which will come under savings ceiling of 100000/-). Kindly clear my assumptions.

via email @Sanjay Jain

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