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Deduction benefit on house repair loan taken from private sahakari bank
I have borrowed a sum of 2 lacs in 2014 for the rate of interest 17% for house repair. Can I get deduction benefit of interest and principle repayments that I paid monthly?
Replies (1)
Interest repayment shall be claimed as a deduction under section 24 of Income tax act under Income from house property. However, the limit is Rs. 30,000/- Per annum i.e you can claim deduction of Rs. 30,000 for 1 financial year starting from April - March.
With respect to Prinicipal payment, as per my knowledge you cannot claim any deductions on the repayment.
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