02 December 2010
A person already owns a house and resides in it, on the ground floor. He constructs First Floor of the House (after approval of Plan from Municipality), by taking Loan from Bank. Whether the deduction of this loan will be available u/s 24?. If yes, whether the limit will be 30000 or 150000. since in proviso it is written "acquired or constructed after 1/04/1999". Whether the deduction of repayment of loan u/s 80C will also be available on such loan? Please quote any case law if available. Thanks
CAclubindia
