hello , I want to know if I take a housing loan and personal loan for the purchase of new flat and reparing and renovation of the flat.The both loan repayment of principal and interest paid for the year is applicable for the deduction u/s 24 and u/s 80c.
Housing loan and loan for repairs for house
Replies (5)
u/s 24
yes, interest is restricted to 30000/- for repairs and renovation
and if self occupied restricted to Rs.2,00,000/-
u/s 80c payment of principle is eligible if obtained from financial institutions only
For Original Loan That Is Purchase Of House
Deduction U/s 24B For Interest Portion Upto Rs.2,00,000 In Self Ocupied
Deduction U/s 80C Pricipal Repayment Maximum Celling of Rs.1,50,000 (Including Stamp Duty And Registration Fees)
For Loan Taken For Repair of Housing Property
Deduction U/s 24B For Interest Amount Maximum Rs. 30,000
Pricipal Portion Is Not Allowed As Deduction U/s 80c
Total Interest U/s 24B Should Not Be Exceed Rs.2,00,000 In Case Of Self Occupied Property (Original Housing Loan + Repair Loan)
Both Deduction is applicable and you can take deduction from your Total Income.
Thanku Very Much
For repair and renovation upto 30000 on interest paid on borrowed capital. If borrowed for purchase or acquisition then upto 200000 on self occupied and no limit if let out.
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