Section 24(b)
This query is : Resolved
05 March 2012
Dear All,
One of our client has taken Housing loan of Rs. 50,00,000. To repay that loan he has taken another loan for Rs. 1 Cr(1,00,00,000). now can he claim interest deduction on Whole 1 Cr or only upto 50 lakhs?? and also let me know is there any case law on the same?
One of our client has taken Housing loan of Rs. 50,00,000. To repay that loan he has taken another loan for Rs. 1 Cr(1,00,00,000). now can he claim interest deduction on Whole 1 Cr or only upto 50 lakhs?? and also let me know is there any case law on the same?
05 March 2012
The loan of Rs. 1 crore must be a non-housing loan. It must be a personal loan.
Interest paid on a loan other than a housing loan is not eligible for deduction u/s 24.
Interest paid on a loan other than a housing loan is not eligible for deduction u/s 24.
05 March 2012
Even that fresh loan is also given as housing loan only
Guest
Guest
(Expert)
05 March 2012
In that case deduction can be claimed if the property was let out and income therefrom was offered to tax under income from house property. Otherwise deduction is limited to Rs. 150000/-
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