Interest on home equity loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 1.Is the interest charged on loan taken against 2nd home deductible under income tax provisions.
2.What would be the answer in case the loan proceeds are utilized to buy a commercial shop.
3.What in case either one or both the above properties are under construction.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 July 2013 1. Only interest on loan taken for purchase or construct the house property will be allowed under sec.24b

2.It will not be allowed

3. Property under construction,interest not allowed