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Additional Construction to an existing House - SOP
Dear Friends,
A salaried employee is occupying his own house. He is repaying through EMIs for the housing loan availed by him. Subsequently during the FY in question, he obtains a loan from a financial instituition and constructs an additional portion to his house which is also self occupied by him. Can he avail the benefit of 80C and Section 24 for the principal and interest paid on the second loan?
With regards.
Replies (1)
As per the Income tax act, An employee can claim upto 100000/- U/s 80 C, whether it is for 1 portion or 2 portion. At the same time he can avail the interest portion U/s 24, can claim upto 150000/-.
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