Loan - new flat purchase and for renewation
This query is : Resolved
29 January 2016
hello,
I want to know that if loan taken for purchase of new flat and another loan is the renovation and repairing flat . the both loan taken from LIC housing loan dept.
the both loan principal loan and interest on loan is applicable for deduction u/s 24 , u/s 80c.
Thanking You
swapna
I want to know that if loan taken for purchase of new flat and another loan is the renovation and repairing flat . the both loan taken from LIC housing loan dept.
the both loan principal loan and interest on loan is applicable for deduction u/s 24 , u/s 80c.
Thanking You
swapna
Guest
Guest
(Expert)
29 January 2016
Strictly speaking if loan is taken for renovation & repairing existing flat, then it is not allowed any deduction. However if loan for new flat and repair is for same property (brought from existing owner), then you may claim deduction under 24 and 80C
Message likes :
1 times
29 January 2016
1. 24(b) can be claimed on both interest.
2. 80C applies to the principal repayment of 1st loan only.
2. 80C applies to the principal repayment of 1st loan only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Condonation . E-Verification of last year return .
- Management System (IMS)
- TDS Return Q1 FY 2026-27
- EPF FULL & FINAL RULES IN 2026
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
