I have an apartment where am living since 4 years , planning to convert that as an investment property and recently I purchased another property whose settlement is likely to be end of this year. If I move to a rental property close to my work place , will I be eligible to get tax benefits on two investment properties
Please advice ??

hmmm, so you will OWN two properties, both of which you will be renting out?
And in addition to this you will live in a THIRD rental property close to where you work??

your rental income will be assessable, and your rental expenses will be deductible.

so the NET income will give rise to a tax liability
OR
the NET loss will be applied to your other assessable income (eg wages) as a tax deduction.

so there are no direct "tax benefits" as such. Its just the net effect of the rental loss can provide you with a greater refund in your tax return.

Best thing you can do is talk to a qualified accountant who can help you to set things up so as to provide you the best tax benefit in both the short and long term.

You also have some capital gains tax issues that have not even been touched on here......given this apartment has been yours for a long time and once it becomes a rental property you may incur a capital gains tax liability if you sell it later on.....all the more reason to talk to an expert.

regards
Brendan