I am currently residing in Kolkata and working for a private company. I have two home loans for two flats in Mumbai.
1. under construction flat, emi started in Aug-2013. flat completed and OC is given in Jan-18. I have completed my home loan in Mar-18. Neither staying myself nor given for rent till now
2. resale flat purchased in Aug-2014 and emi started from then. Here also completed my home loan in Mar-18. Neither staying myself nor given for rent till now. I was claiming the principle of the home loan under 80c and interest under sec-24(B) all these while.
my question is during 2017-18, how much maximum tax exemption can I claim for these two properties. please suggest
Irrespective of the status of second property, it is considered as let out property and accordingly taxation will come into the picture.
Refer this tutorial on the complete picture about taxation of house property.
It is obvious that if you have more than one house property,One of them will be called self occupied and the rest will be declared get-out house or houses.
Further in your case you can take maximum 150,000 rs tax deduction under section 80C.
ALSO UNDER section 24 you can take interest benefit of rs 200000 which you have paid towards bank loan if taken in case of self occupied house.
IF you want detailed information about Tax Benefit On Home Loan FY 2017-18 you can check this link.