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Loan - new flat purchase and for renewation

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(Querist)
29 January 2016 hello,

I want to know that if loan taken for purchase of new flat and another loan is the renovation and repairing flat . the both loan taken from LIC housing loan dept.
the both loan principal loan and interest on loan is applicable for deduction u/s 24 , u/s 80c.


Thanking You
swapna
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Guest (Expert)
29 January 2016 Strictly speaking if loan is taken for renovation & repairing existing flat, then it is not allowed any deduction. However if loan for new flat and repair is for same property (brought from existing owner), then you may claim deduction under 24 and 80C
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
29 January 2016 1. 24(b) can be claimed on both interest.

2. 80C applies to the principal repayment of 1st loan only.
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swapna

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swapna (Querist)
29 January 2016 thank you very much

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