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HOUSE REPAIRING LOAN
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
Replies (8)
Yes, You can claim deduction of the loan interest u/s 24(b) under the head income from house property upto RS.30,000.
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)
under 80C u can take benefit of repayment of loan of principal amount
attn. deval sir, 80EE deduction allowed only in the case of acquisition of residential property and not for construction, reconstruction, renovation etc
even 80C deductions is not allowed for loan repayment obtained for the purpose of repairs
Yes, for claiming deduction u/s 80EE, the loan must be taken for the purpose of acquisition of house property.
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.
but if the property is self occupied, then interest can be claimed as deduction upto RS.30,000.
thanks for correcting me
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