Query on double housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2011 Currently I have two housing loans:

1) Loan for a house in my native place (Dharwad). My parents live in that house right now

a.Annual interest paid on housing loan : Rs 1,30,000 (approx)

b.Annual principal paid on housing loan: Rs 40,000 (approx)

c.If I were to give this house for rent, I would earn approximately Rs 30,000 (Rs 2500/month) in this financial year

2)I have a flat undergoing construction in Bangalore. I expect to occupy this in June/July 2011 (Started paying the EMI from Oct-10)

a.Annual interest paid on this housing loan: Rs 1, 57000 (approx)

b.Annual principal paid on housing loan: Rs 47000 (approx)

I need guidance on how I claim deduction during my IT investment submittal & preferred mode of handling this/Recommendation.