Tax benefit u/s 24 of income tax interest on housing loan

This query is : Open

Sanjeev Saini (Querist)
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26 July 2016 Sirs,
The query is about section 24 of income tax regarding benefit of housing loan interest,

Query 01 : If the person has single house property and has taken a loan on that property, but the this property has been let out because the owner of the property is living another city due to job , now query is can he claim whole interest ( as the interest is more than 2 lacs) as the property is let out or limited to 2 Lacs. No member of the family is residing at that premises.

Query 02 : As it is always said that the construction of the house must completed with in 03 year from the financial in which loan has been taken only after that you can claim the interest., and in 05 installments for pre construction period total limit should not exceed 02 lacs..

My query if the person has purchased the house not constructed the house when the benefit ( section 24 interest ) will start, after 03 years or from the financial or he can claim the whole interest in form the financial year in which house was purchased
and what is just after the completion one house property has been let out ?

Query 03 : if the person has taken a loan for two houses , and residing at other city due to job, The detail of interest and other particulars are as follows :
Status Rent Received Interest Principal
Hosue 1 Let Out 180000 435621 125002
Hosue 2 Let Out 000000 356212 89013

What should be the calculation for availing the benefit of 24.

Regards
Sanjeeev Saini