Tax exempt on home loan for residential purpose.

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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 10 August 2026
Article Assistant

Suraj Garg and Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details
Company
14 August 2026
Semi Qualified

Goyanka & Associates

New Delhi

CA Inter

View Details
Company
Featured 19 August 2026
Chartered Accountant

apricus india

Pune

CA

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details