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HOUSE REPAIRING LOAN

10 July 2017

I HAVE A HOUSE REPAIRING LOAN FROM CO-OPERATIVE BANK.CAN I AVAIL THE LOAN INTEREST FOR TAX SAVING.IF YES THEN IN WHAT SECTION

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8 Replies

Dhruv Shah (Article Student) (357 Points)
Replied 10 July 2017

Yes, You can claim deduction of the loan interest u/s 24(b) under the head income from house property upto RS.30,000.

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Deval M. Thakkar (Student CA Final and Article Assistant at Talati & Talati Ahmedabad) (368 Points)
Replied 10 July 2017

over and above this u can take benefit of repayment of loan u/s 80C and if this is yr first house then u can claim deduction u/s 80EEE for repayment of interest in addition to section 24(b)

Deval M. Thakkar (Student CA Final and Article Assistant at Talati & Talati Ahmedabad) (368 Points)
Replied 10 July 2017

under 80C u can take benefit of repayment of loan of principal amount

RAMA KRISHNAN (247 Points)
Replied 10 July 2017

attn. deval sir, 80EE deduction allowed only in the case of acquisition of residential property and not for construction, reconstruction, renovation etc

RAMA KRISHNAN (247 Points)
Replied 10 July 2017

even 80C deductions is not allowed for loan repayment obtained for the purpose of repairs

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Dhruv Shah (Article Student) (357 Points)
Replied 10 July 2017

Yes, for claiming deduction u/s 80EE, the loan must be taken for the purpose of acquisition of house property.

Dhruv Shah (Article Student) (357 Points)
Replied 10 July 2017

If the property for which the loan has been taken is a let out property , then you can claim whole of the amount of interest due on the loan.

but if the property is self occupied, then interest can be claimed as deduction upto RS.30,000.