In short I will tell you what are the tax benefits on loan taken for 1st & 2nd House. Let’s see
## Any buyer who avails a home loan is eligible for tax exemption on the principal repayment Under Section 80C of the Income Tax Act, subject to a maximum limit of Rs. 1,00,000 p.a. under the said section.
## Similarly, the amount paid towards interest element is exempted Under Section 24b from the taxable income to the limit of Rs. 1,50,000 p.a.
## Remember, there is no tax deduction can be claimed on principal repayment if loan taken for 2nd house also.
## But, best part is you can claim the entire interest (paid for 2nd house) that has been paid for the financial year. That means, there is no upper limit for the interest paid in a year.