banner_ad

Tax exempt on home loan for residential purpose.

Tax queries 186 views 2 replies

Hello,

Let us assume that I have home loan on my first property and I am getting tax exempt on this loan. I sell out this property and repay home loan with amount I received by selling this property. Now I buy second bigger property with fresh home loan, am I eligible to receive same tax exemption as I was having on first home loan? will this property be concidered as second one and only loan iterset amount will be exempted as per present IT policy? assume that property is for residential purpose.

I am going to buy 1BHK flat right now. After 4 years I am planing to purchse 2 BHK flat. So this question was raised in my mind.

Replies (2)

" I am getting tax exempt on this loan. I sell out this property and repay home loan with amount I received by selling this property. Now I buy second bigger property with fresh home loan, am I eligible to receive same tax exemption as I was having on first home loan?"

Yes........ No difference for home loan deduction u/s. 24(b), present limit is Rs. 2 lakhs per annum.

agree with Dhiraj sir


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details