Interest on borrowed housing loan section 24b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2016 Whether interest on loan taken for construction of First floor of a house eligible for deduction upto 2lakhs or restricted to 30000. Assessee has already taken housing loan for original construction of the house. he has taken further loan for construction of first floor. Whether the first floor construction is considered as extension and restrict the interest to Rs.30000

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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29 March 2016 If house is let out than interest on let out property there is no restrictions of amounts, entire amount paid on interest can be claimed.

If it is SOP than interest can be claimed maximum Rs.200000/-