Aniket (Others) (37 Points)
14 August 2013I have an existing home loan and I'm planning to take a top-up loan.
Since these two would have different loand a/c nos etc, I'd like to know if I can claim interests on both for 'income/loss from house property' calculation in the IT return. The said property is 'let-out' and not subject 1,50,000 dedution cap.
thanks!
CA Rashi Agrawal
(Chartered Accountant)
(102 Points)
Replied 14 August 2013
| Originally posted by : Aniket | ||
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Yes Aniket, You can definately claim interest on both of the properties on accrual basis. |
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Aniket
(Others)
(37 Points)
Replied 14 August 2013
Sorry for the confusion, but there are no two properties invovled.
I'm looking to take a top-up loan for the same property for which I already have availed home loan.
Mihir
(Wealth Manager)
(5293 Points)
Replied 14 August 2013
If you have taken a loan for house property and take another loan to repay the existing loan, the interest paid shall be allowed as deduction u/s 24(b).
Aniket
(Others)
(37 Points)
Replied 14 August 2013
| Originally posted by : Mihir | ||
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If you have taken a loan for house property and take another loan to repay the existing loan, the interest paid shall be allowed as deduction u/s 24(b). |
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No, the other loan is not to repay the existing loan.
Original home loan continues and the other loan is an additional (top-up) taken for purpose such as repair/ renovation etc.
My questions is, can I deduct interest paid on top-up loan in addition to interest i'll pay on original loan.
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 August 2013
Yes, you can claim deduction on interest paid on loan for repairs upto Rs. 30,000/- pa
CAclubindia
