HOME LOAN TOP UP
This query is : Resolved
05 August 2022
I have a home loan from SBI taken in 2013, and got another home loan top up sanctioned based on earlier loan, in 2022. The home loan top up is taken for purpose of renovation/repair, and not construction.
1. Can income tax rebate be claimed on interest amount, from both the loans simultaneously subject to a max of 2Lakh?
2. Since the top up loan is for repair/renovation, for self occupied, there is a limit of 30K deduction. Can i claim a 2Lakh deduction if its rented property, inspite of being a top up loan for purpose of repair/renovation?
1. Can income tax rebate be claimed on interest amount, from both the loans simultaneously subject to a max of 2Lakh?
2. Since the top up loan is for repair/renovation, for self occupied, there is a limit of 30K deduction. Can i claim a 2Lakh deduction if its rented property, inspite of being a top up loan for purpose of repair/renovation?
05 August 2022
1. Yes.
2. No, you cannot exceed the limit sanctioned under the act.
2. No, you cannot exceed the limit sanctioned under the act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
