Tax treatment for 2nd Home Loan for 2nd House

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  1. sree

    sree New Member

    Hello Sir
    I have a property in my name, on which I am staying. I have another property in my native village which was bought by me and it is given on rent. A home loan for this property is running now.

    Now I am planning to buy another property jointly with my wife. I would be availing a home loan for the same. I am looking forward to take the second home loan benefit for this home loan. What are the tax implications out of this?
     
  2. Amit Sahni

    Amit Sahni Active Member

    The treatment for the 2nd home loan would the same as the 1st home loan.

    Combined deduction would be allowed under Section 24 for Interest and under Section 80C for Principal
     
  3. sree

    sree New Member

    will i have to pay wealth tax?
    if i sell my second property after 3 yrs, will i get long term capital gain exemption?
     
  4. Manoj Mehra

    Manoj Mehra Active Member

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