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Residential house property
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No Tax implications in case of purchase of residential house property in the year of purchase. Tax implications in case of transfer of capital assets
Agreed with Yogesh
If the House Property (HP) is your only HP and you are using Hp for your own residence then interest paid on loan taken for purchase of HP is allowable as deduction under sec 24 upto Rs.1.5L. Principal paid is allwowable as deduction under 80C.
If you already have HP and new HP is used for the purpose of yor own residence then any one of the HP of your choice shall be taxable on the basis of notional rent receivable if that property had been let out.
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