I have purchased one house property at Bhopal. which is constructed. For which I paid Rs. 280800/ pre EMI interest & Rs. 260000/ EMI interest. I purchase another house property in Gurgaon. It is under construction. So how much benefit can I claim U/S 24 of Income Tax.
In the long run, think of your second house as a simple P&L account. There are no special benefits. In a way it can be a good thing initially since you pay a lot in interest and every rupee can be treated as an expense against any revenue (rental).
You haven't mentioned the dates when you took the possession of the house. Assuming this to be in the current financial year, i.e. April 2014 to Mar 2015; you can claim a rebated of Rs 2,00,000/- on the interest. The pre-emi interest is to be amortized at 20% for 5 years. So for the current year, your total interest paid will be 2,60,000 + 1,80,800/5 = 2,96,160. However the Maximum rebate on the first house is Rs 2,00,000. Hence you don't get any additional benefit of the pre-emi interest.
Say in the 5th year [or any years before 5th], your normal EMI interest is 1,50,000. Then your total EMI interest would be 1,50,000 + 1,80,800/5 = 1,86,160. Provided the rebate remains at 2,00,000 you can claim the entire amount.
For the second house, there is no rebate of pre-emi Interest. There is unlimited interest rebate once you take the possession of the house and pay regular EMI's