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.
CAclubindia
