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Loan Taken for Interior Decoration

Tax queries 1297 views 4 replies

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?

Replies (4)

I think yes

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"

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

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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