Tax exempt on home loan for residential purpose.

189 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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details