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mortgage loan taken for house( 2nd floor) construction

Others 640 views 2 replies
Can I claim interest on mortgage loan under income from house property (i.e u/s 24(b)
Similarly can I claim principal portion on mortgage loan under 80c
Replies (2)
so! mortgage loan is taken by you! for constructing the 2nd floor(an addition)!....
and you are paying interest on such loan!....
you want deduction(I mean you want to claim that interest as expenditure)....???
:::24(b) says
"interest payable on loans borrowed for the purpose of acquisition,construction,repairs or reconstruction can be claimed as deduction"
thus, no deduction for additions or alterations(2nd floor)because the word additions or alterations are not described....
::::80C says
specifically mentioned : inadmissible payments for deduction
"the cost of any addition or alteration or renovation or repair of the house property after the completion of the house or after the house has been occupied by the assessee!"

I cannot confidently tell you that it is possible, but I understand your desire to get such an opportunity. I think the right decision for you would be to contact a lawyer and ask for a hint on how to proceed in your particular case; perhaps there are some subtleties you don't know about. When I took out a mortgage, I turned to Mortgage Broker Cheltenham for advice because I was also interested in getting the most favorable conditions. And my lawyer gave me some great recommendations that helped significantly reduce the cost of my mortgage.

 

 

 

 

 

 

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