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Excerpt: 1. I have borrowed Housing Loan of Rs. 700000/- for my house where I am staying, EMI is Rs. 12000/-. Principal Amount is app. Rs. 5000/- pm, Interest portion is app. Rs. 7000/- pm2. Now I want to purchase a new flat by taking a Housing loan of approx. Rs. 25.00 Lacs. EMI will be approx. Rs. 26000/-. I can fetch rental income of Rs. 15000/- per month on this flat. Can I get the Income Tax benefit for Interest portion of both the Housing Loans OR Should I deduct interest portion from the rent received on the second…
