House renovation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2014
I have purchased a house and taken home loan. I have paid Rs. 50000 for renovation purpose. Can i get income tax exception for renovation work done ? if yes how much amount and under which section ?
25 February 2014
The expense on renovation will be treated as cost of improvement and will be allowed as deduction when you sell the house at a later date and compute capital gain.
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