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Income from house property

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2013 Please let me know that whether loan taken for reconstruction or renovation,at the time of filing return of income interest and principal amount is allowable?

Rupesh Jain

Rupesh Jain (Expert)

26 November 2013 after completion of constuction of self occupied house with in three year from loan taken.

you can take intt. on Rs. 150000/- as intt. U/s 24
and loan repayment U/s 80C up to Rs. 100000/-
you can claim. after completion of house
intt of construction period will be deductable u/s 24 in 5 installments.
from year in which construction is complete.

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2013 But in the act written that if loan is taken for renovation (and not for purchasing new house)that only 30,000/- interest is allowable...and pre payment of interest (means some portion of loan is paid before renovation is completed)is not allowable...

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