For current FY i.e. FY 2018-19, My housing status is:
I am living in a house in Joint name in Delhi in which I am the co-buyer and my wife is buyer (First owner). I have purchased a house in another city in current FY in which I am buyer and my Daughter is co-buyer with 50% share with Joint bank loan of 50% share. My daughter is co-applicant in bank loan and second owner in property sale deed. I am retired government servant, my wife is working, my daughter is married and working in Delhi her in-laws are staying in the new house.
Please explain how it be accounted for income and losses for me and my daughter.
since you own more than one property. then you can opt anyone property which has a low municipal valuation and calculate deemed rent on it and offer the same for tax
however you gave not mentioned whether the first house where you and wife are Co owners us taken on loan.
for the deemed rent offered you can claim deduction towards municipal taxes paid and on the balance you can claim 30% STD deduction and interest up to 2lacs paid on the home loan
you can also get deduction under 80C towards principal paid on home loan
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