Income Tax exemption
This query is : Resolved
03 August 2020
Whether Topup in HBL exempted from Income Tax ? Should any one get Income Tax deduction on repayment of Principal alongwith interest u/s 24(b) in House property.
04 August 2020
Since the top up loan would not be utilized for purchase or construction of property, no deduction of interest or principal is available.
19 December 2021
You can claim tax benefit on the top-up loan, provided you have receipts and documents to prove that the top-up home loan taken has been used for acquisition/ construction/ repair/ renovation of a residential property.
Unlike a normal home loan where maximum deduction available on interest payments is Rs 2 lakh, if the top-up loan has been taken for repairs and alterations, then the maximum deduction available in such regards is of Rs 30,000.
Unlike a normal home loan where maximum deduction available on interest payments is Rs 2 lakh, if the top-up loan has been taken for repairs and alterations, then the maximum deduction available in such regards is of Rs 30,000.
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