Home Improvement Loan_Income tax deduction
This query is : Resolved
10 July 2023
Dear Experts,
In one of the case, individual has taken loan of Rs 25L for house purchase and improvement. However agreement value of the house is Rs 11,42,000/- . Hence differential is towards House improvment. Please advice whether interest and principal towards house improvement can be taken as deduction in income tax? since there is no seperate break up , total loan of Rs 25L is for both.
Regards,
In one of the case, individual has taken loan of Rs 25L for house purchase and improvement. However agreement value of the house is Rs 11,42,000/- . Hence differential is towards House improvment. Please advice whether interest and principal towards house improvement can be taken as deduction in income tax? since there is no seperate break up , total loan of Rs 25L is for both.
Regards,
10 July 2023
If the loan is of singular nature, you can claim deduction over aggregate/singular EMI paid, unless there is any bifurcation of amount paid in receipt.
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