Hi,
Is deduction of interest on loan taken for interior decoration of the house allowed u/s 24(b) of the Income Tax act?
It says renovation is allowed? Does interior decoration comes under renovation?
Arka Bose (None) (313 Points)
30 March 2010Hi,
Is deduction of interest on loan taken for interior decoration of the house allowed u/s 24(b) of the Income Tax act?
It says renovation is allowed? Does interior decoration comes under renovation?
Amir
(Learner)
(4016 Points)
Replied 31 March 2010
Dear Arka,
Interesting query.........!
The word "Renovate" is not defined in the Act. so its general meaning in the dictionary says "an act of restoring the good/earlier condition"
I may be wrong but I think it "Interior Decoration" cannot be covered under the word "Renovation"
Nicky
(Chartered Accountant)
(245 Points)
Replied 03 April 2010
Amir no offences just setting the ball rolling..
why can't it be see the meaning good condition so by interior decoration u might get the house to a good (better) condition
C.Balaji
(Learner)
(1867 Points)
Replied 03 April 2010
Dear Amir bhai..........
Loan taken for Interior decoration i.e. for restoring the good condition of the building....(Renovation).....
i think yes.........
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