I migrated my website to this new domain. I removed the original homepage and re-labelled the current homepage as home.Now when I visit the homepage, it shows a 404 error although the page exist and also the front page is set as a static page and set to display the correct page.
Home, in your menu, should never point to a physical ( created by you ) page. Its meaning is simple - URL of your domain ( eg.
Remove Home from your menu. Add Home to the menu as Custom Link, with URL = '/' and Navigation Label = 'Home'.
You're saying that your front page is a static page, created by you, with a content. Which means that in Settings -> Reading -> Front page displays you've selected A static page (select below), and in dropdown you've selected your existing page. Remove from the menu a link to that page. WordPress will know, based on your settings, what page to display, when a visitor clicks on Home.
If you intend to show all posts to your visitors, create a new page with title only ( eg. Posts, Blog ). Publish it. Select this page in dropdown of Settings -> Reading -> Front page displays -> Posts page. Add this page to your menu.
That's all. Now trash your Home page, created by you.