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Deductions of top up housing loan

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(Querist)
17 July 2014 One of my client has taken top up housing Loan over Existing Housing Loan whether he can claim deduction of Interest & Principal of both Existing Loan as well as Top up Loan.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 July 2014 depends on the purpose of the top up loan.

loan taken only for improvements wont be eligible for deduction under 80c.

interest deduction shall however be allowed under 24b subject to limits prescribed therein.

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