Income from house property

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CMA Omkar.TIlve (Querist)
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17 September 2012 Hi
I want to buy furniture for my home and want to apply for loan to buy the same. My queries are as follows

1.Will this loan be considered as loan taken for repair/renovation and be eligible for deductions in u/s 24(b)?

2.What is the maximum amount of interest deduction that I can claim?

3.If so then what are the documents to be provided so that I can show the same a loan taken for repair/renovation of home

4.If not then what do I need to do (documents) in order to show this loan as loan taken for repair/renovation of home

Thanks in Advance

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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17 September 2012 Loan for renovation/repair doesnt include furniture appliances and any loan used for buying appliances and furnitures CANNOT be regarded as Renovation/Repair.

Since the reply for your Q No: 1 is "No",there is no necessity of answering the remaining questions.

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