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Deduction U/s 24(b) interest on home loan


Mukesh Parmar   16 October 2020

Mukesh Parmar

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Can I claim deduction U/S 24(b)
Interest on home loan if it's private institutions like - DHFL
And the type of loan is mortgage please reply fast if any one have any idea about it?

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Aditi Kaur (Practising CA)    17 October 2020

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ayusmita (Tax consultant)     16 October 2020

ayusmita
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What the propose of this home loan I mean if it is secondary
is it secondary or primary home loan

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Mukesh Parmar   17 October 2020

Mukesh Parmar

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Secondary loan

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rama krishnan   17 October 2020

rama krishnan

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Yes you can claim

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sabyasachi mukherjee   17 October 2020

sabyasachi mukherjee

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Mukesh
you can easily claim interest on home loan and file returns.
But for which assesment year.

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ayusmita (Tax consultant)     17 October 2020

ayusmita
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Ok you say it's your secondary loan for the same property
means let's say it's your the top up home loan which you get after mortgage of something
can you tell me why you take that means is it for repair or renovation or for construction or something else for your residential property........

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Mohd Khalid   17 October 2020

Mohd Khalid

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Can anyone explain me primary and secondary home loan

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Mukesh Parmar   17 October 2020

Mukesh Parmar

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Sabyasachi ji
it's for A.Y.20-21

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ayusmita (Tax consultant)     17 October 2020

ayusmita
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@ mohd Khalid when we do home loan for purchase or construction of a new home we called it home loan or in other words primary or first home loan
but when you take a loan using mortgage as collateral while we still have another loan for same home for renovation, construction, repair, maintenance then it's know as secondary or second loan for same property
and deduction of interest are different in this case
from 1st loan the person get upto 17 0000 deduction in interest but from secondary loan if it for renovation or construction or repair or maintenance then if he or she has receipt then he or she can claim 30000 deduction
where's in principle it will only get from 1st loan not from second loan

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Mohd Khalid   17 October 2020

Mohd Khalid

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OK thanks ayushmita mam I got it
But I think interest on home loan can claim upto 2lakh under sec 24

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