POSTED BY February 10, 2014 11:20 am COMMENTS (2)ON
I paid off my first house loan few years back and now am planning to buy another house. Note that I don’t have any home loan at the moment. I am planning to buy another house and would be taking a huge loan (thanks to appreciation in real estate) to support the purchase. I will continue to stay in my old house and planning to let out the new house. I read that it does not have any limit on interest paid (so entire interest amount will be exempted) unlike first loan, but principle paid is not exempted under 80C. Can any one advise what will be the tax treatment on the interest paid on the second house loan.
Thanks in advance,