I have taken personal loan Rs.5 lakh from HDFC Bank for repairing my ancestral old house. Can I take deduction of loan Interest & pricipal amount of loan repayment u/s 24b &80cc
Please guide us
Thanking you
Regards Rajkumar Gutti
Replies (5)
Quick Summary
This discussion explores whether interest paid on a personal loan used for house repairs can be claimed as a tax deduction. While Section 24B typically applies to home loans and Section 80C to principal repayment of home loans, there's a question about claiming interest for repair expenses. The consensus leans towards eligibility for interest if the loan was specifically for repairs, but not for the principal amount under these sections.