deduction

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pinky (Querist)
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18 February 2010 Hi!
Please ans following query urgently.
Hoising loan taken for purchase or construction of house is allowed as deduction
If I am salaried employee.I have taken loan for reparing and renovation of my house.Is it allowed as deduction.
.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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18 February 2010 u/s 80C only payment of Principal amount is allowed for deduction, which have been taken for the purpose of construction of House.

However, you can claim only Interest portion (u/s 24b) while computing Income from House Property and repayment of principal amount is not allowed anywherelse for Repair & Renovation.

Regards!!!
Dinesh S. Adhikari

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 February 2010 Yes.Interest on loan taken for Repair & Renovantion can be claim u/s.24b

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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18 February 2010 Agree with Mr. Dinesh

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