New Delhi, March 19 -- I am currently working in Mumbai. I am currently residing in a rented apartment and looking forward to purchasing a flat for investment purposes in Bhubaneshwar, for which I will take a home loan. This will be the first house purchased by me. I will put it on rent. I would like to know whether I can avail myself of any tax benefit from a home loan. What will be the amount of benefit which I would be able to claim? Will there be any difference if I reserve it for my occupation?

The extent of tax benefits for home loans would depend on whether you opt for a new or old tax regime. Regarding the home loan, the income tax laws allow you two deductions. The first deduction, which is available under the old tax regime onl...