Interest on borrowed housing loan section 24b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2016
Whether interest on loan taken for construction of First floor of a house eligible for deduction upto 2lakhs or restricted to 30000. Assessee has already taken housing loan for original construction of the house. he has taken further loan for construction of first floor. Whether the first floor construction is considered as extension and restrict the interest to Rs.30000
29 March 2016
If house is let out than interest on let out property there is no restrictions of amounts, entire amount paid on interest can be claimed.
If it is SOP than interest can be claimed maximum Rs.200000/-
If it is SOP than interest can be claimed maximum Rs.200000/-
29 March 2016
1st floor will be considered as an extension if it has no separate door number.
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