Second housing loan exemption

This discussion explores the income tax exemptions available to a couple taking out a second housing loan after their first has been repaid. It covers the implications of selling their jointly owned first property to fund the second, including potential capital gains tax under Section 54. The advice suggests that capital gains can be exempted if a new property is purchased within specific timeframes around the sale of the old one, and also confirms that interest and principal payments on a second home loan are eligible for tax relief.