Housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2015 I have been residing in a house owned by me. Now, I have taken a loan from bank for reconstruction, repairing, renovation and expansion of the said house. After completion, I have planned to lease the ground floor on rent basis and reside in 1st floor. Whether, I am entitled to get the prescribed benefits/exemptions allowed against the housing loan like deduction of Interest paid and deduction u/s 80C ?

Rupesh Jain

Rupesh Jain (Expert)
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14 March 2015 you can get dedcuton u/s 80C for construction or purchases of house only.
not for repair, renovation etc.

intt.on repair upto rs. 30000/- you can get u/s 24(b)