I have an existing home loan and I'm planning to take a top-up loan.
Since these two would have different loand a/c nos etc, I'd like to know if I can claim interests on both for 'income/loss from house property' calculation in the IT return. The said property is 'let-out' and not subject 1,50,000 dedution cap.
thanks!
| Originally posted by : Aniket | ||
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Yes Aniket, You can definately claim interest on both of the properties on accrual basis. |
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Sorry for the confusion, but there are no two properties invovled.
I'm looking to take a top-up loan for the same property for which I already have availed home loan.
If you have taken a loan for house property and take another loan to repay the existing loan, the interest paid shall be allowed as deduction u/s 24(b).
| Originally posted by : Mihir | ||
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If you have taken a loan for house property and take another loan to repay the existing loan, the interest paid shall be allowed as deduction u/s 24(b). |
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No, the other loan is not to repay the existing loan.
Original home loan continues and the other loan is an additional (top-up) taken for purpose such as repair/ renovation etc.
My questions is, can I deduct interest paid on top-up loan in addition to interest i'll pay on original loan.
Yes, you can claim deduction on interest paid on loan for repairs upto Rs. 30,000/- pa
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