Section 24(B) Interest on Personal Loan
This query is : Resolved
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Siddharthatwal
(Querist)
27 March 2023
Dear Sir,
I had taken a personal loan of Rs. 11 Lacs for repair / renovation of my house & to repay loan taken for reconstruction of house.
Referring section 24(B) can i claim deduction of interest paid on personal laon.
I had taken a personal loan of Rs. 11 Lacs for repair / renovation of my house & to repay loan taken for reconstruction of house.
Referring section 24(B) can i claim deduction of interest paid on personal laon.
27 March 2023
Yes, but there is limit to it, i.e. max. Rs. 30,000/- PA.
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Siddharthatwal
(Querist)
27 March 2023
Can you please explain how to claim deduction in ITR filling
28 March 2023
Same as under 'Income from house property' deduction u/s. 24(b), you can claim the interest paid, but with a cap of Rs. 30,000/-
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