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?
Regards.
Menu
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..
Recent Topics :
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
Related Topics :
CAclubindia
