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.
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