What are the income tax exemptions a couple can avail if they go for a second housing loan? The first loan is already closed. At present the 1st property is jointly owned by them. If they decide to sell same in case of need to meet the financial need for the 2nd property what will be the implications. Also if they sell the 1st one after purchasing the 2nd one will it have any other effect?
If you sale your property, capital gain will be arise but same is exempted u/s 54 if new house purchased 1 year before and 2 years after sell of other property.
You can also claim exemption in respect of house loan interest & principal payment even if it is your second loan
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