1.I have a house in chennai where I have closed the loan and am using the house as an office for my partnership firm. If I buy another house with a housing loan, can I avail the tax deduction of 150,000 ? Also, would any tax have to be paid in the first house. I receive no rent from the first house.
2. My wife has two houses, one is let out and the other is self occupied. I have closed the loan in the first house while the self occupied house, the loan is still running. She is an assessee but does not have any taxable income this year. Should I close the loan in the self occupied house ? Please advice Thanks.
