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Rebate of Interest on housing loan
I availed a housing loan for construction of ground floor in yr 2008. Then availed additional loan for construction of 1st floor in yr 2017. Up to What limit the Interest amount paid on additional loan availed in yr 2017 will be eligible under section 24. Whether it will be RS. 30000/ or up to overall limit of RS. 200000/
Replies (1)
The additional (TOP UP) loan is clubbed together with original house loan, when used for additional construction.
1) With respect to interest payable on both the loans together, it will be deductible up to the maximum limit of Rs 2,00,000.
2) The amount of loan principal repaid on both the loans together will also be deductible under Section 80C to the maximum extent mentioned in that section.
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