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Income Tax exemption

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(Querist)
03 August 2020 Whether Topup in HBL exempted from Income Tax ? Should any one get Income Tax deduction on repayment of Principal alongwith interest u/s 24(b) in House property.
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CA Raj Doshi

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CA Raj Doshi (Expert)
04 August 2020 Since the top up loan would not be utilized for purchase or construction of property, no deduction of interest or principal is available.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 December 2021 You can claim tax benefit on the top-up loan, provided you have receipts and documents to prove that the top-up home loan taken has been used for acquisition/ construction/ repair/ renovation of a residential property.
Unlike a normal home loan where maximum deduction available on interest payments is Rs 2 lakh, if the top-up loan has been taken for repairs and alterations, then the maximum deduction available in such regards is of Rs 30,000.
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