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House renovation

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Querist : Anonymous

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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 ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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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