house property

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VISHAL (Querist)
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08 September 2010 will deduction for repayment of principal amount of housing loan will be available if it has been obtained to construct new floor i.e to construct first floor

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 September 2010 Principal repayment only allowed for new house purchase or constrution, once the house completion certicate recived, further repayment of principal for any addition, alteration is not qualifed under 80C

VISHAL

VISHAL (Querist)
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08 September 2010 BUT isnt the construction of whole of new floor will be considered as new construction?????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 September 2010 But act is using the word Any Addtion, alteration, so construction of new floor to be treated as addition or altreation category, cannot be a new house

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