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Tax benefit on a second home loan

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While you avail a home loan for the first time you will get tax deduction under Section 80C of Income Tax Act up to Rs 1.5 lakh for principal repayment. Also, you get a deduction up to Rs 2 lakh on interest paid under section 24. What about a second home? Will you get any additional benefit if you buy a second home by availing a home loan? Will section 80C and section 24 be applicable? Here is the good news: Your second home loan comes with tax benefits, especially when you have rented it out. Watch this video to know how to avail a tax benefit on a second home loan.



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