Hoisung Interest

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shamkant (Querist)
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02 February 2011 I have purchased house 8 years ago on loan from Bank. Now for renewal the house I took again loan from the Bank. Can I get the benefit under Income tax Act for the EMI paid for Renewal Loan i.e Interest & Principle amount. Pls guide.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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02 February 2011
Yes, you can get tax deduction benefit in respect of the interest payable on the loan taken for repair, renewal, reconstruction or renovation to the extent of Rs1.50 lakh under section 24 of the Income-tax Act, provided the house is self-occupied. There is no cap on the interest if the house is on rent. No deduction is available with respect to the amount of principal repayment under section 80C in respect of loan taken for repair, renewal, reconstruction or renovation of the house.

Guest

Guest (Expert)

02 February 2011 Very much agree with Mr. Jha

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