Hi,
Investing in a second property besides a previously owned property is a good option from the point of tax exemption. However, you need to know that the second property should be used for rental purposes but not for self-occupation. In this way, you’ll get a tax exemption for interest on the loan without an upper limit. In the case of a second property for which a loan is taken, there’s no exemption for repayments on the principal amount.
Plus, if more than one borrower is taking this loan, then all the joint borrowers are eligible for exemption on the interest part individually. Further, the interest paid during the construction period of the second home is also exempt from taxation for up to 20% of the total interest paid during this period.
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Authors Of The Question
If I sell my old house property and reinvest in new property in my name and my son’s name and take a home loan, can I get benefits of long term gain tax relief?
Raghuram
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2 Year
2022-02-17T07:32:36+00:00 2024-10-04T15:47:02+00:00Comment
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