if I purchase a second home through bank which will be my
first home loan will I get tax benefits of so how and how much.and I do not intend to give on rent my first home then and what if give on rent.please give detail tax benefits
if you have purchased the home by taking a loan then you can claim the interest paid on it under section 24B upto rupees 2 lacsand the principal repayment under 80C upto 1.5 lacs provided the total deduction under section 80C, 80CCC and 80CCD(1) is restricted to rupees 1.5 lacs. if this is your first home loan you can claim additional 50000 deduction provided
1. you do not own any house property at that time
2.the loan amount does not exceed 35 lacs
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