Housing Loan Interest on Addl Constuction of Self Occupied
This query is : Resolved
26 March 2008
Dear Profeesionals
I would like clarify on Housing Loan Interest
1. Interest paid by an assessee on Loan borrowed for additional Construction of Self Occupied Property in addition to the previous Loan Interest?
2. Is there any Limit for Such additional Interest?
Reply expected at the earliest
Dear Profeesionals
I would like clarify on Housing Loan Interest
1. Interest paid by an assessee on Loan borrowed for additional Construction of Self Occupied Property in addition to the previous Loan Interest?
2. Is there any Limit for Such additional Interest?
Reply expected at the earliest
26 March 2008
Int on loan borrowed for construction is allowed as deduction, whether it is for new house or for existing house. The limit is Rs.150000 in case of Self-occupied property. And no limit in case of let out
26 March 2008
If Loan taken after 1/4/99 for reconstruction of house- Maximum limit is Rs30000
26 March 2008
As per sec 23(2)(a)
26 March 2008
Refer section 24 and Sec 80C
26 March 2008
In my opinion the additional construction is diff from reconstruction
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