I have taken Top up loan on my existing home loan. I used it for reconstruction and renovation of my same flat. Am I eligible for Rs 200000/- interest deduction from salary towards interest paid on this top up loan?
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Interest exemption under income tax act section 24b
Replies (2)
Top up loan on my existing home loan
it means u r taking new loan which u already use
and u use it again for same house
interest may be allowable subject to proper bills
Only 30000 available..
*If a person take loan for acquisition or construction of house Property and acquisition or construction completed within 5years from end of the year in which loan taken** only then he is eligible for higher deduction of Rs. 2L.
In your case *loan is for Reconstruction as well as for renovation* means ineligible..
*If a person take loan for acquisition or construction of house Property and acquisition or construction completed within 5years from end of the year in which loan taken** only then he is eligible for higher deduction of Rs. 2L.
In your case *loan is for Reconstruction as well as for renovation* means ineligible..
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