Interest on housing loan
This query is : Resolved
06 December 2013
A HOUSE IS DEMOLISHED AND NEW CONSTRUCTION IS STARTED BY TAKING LOAN OF 15 LACS ,WHETHER DEDUCTION OF 1.5 LACS IS AVAILIABLE?
WHAT IS DIFFERENCE BETWEEN REPAIR/RENOVATION AND DEMOLITION?
COST OF CONSRTUCTION WILL BE AROUND 60 LACS
WHAT IS DIFFERENCE BETWEEN REPAIR/RENOVATION AND DEMOLITION?
COST OF CONSRTUCTION WILL BE AROUND 60 LACS
06 December 2013
Deduction U/s 24 will be available upto 1.50 lac subject to the prescribed conditions of completion etc.
.
Difference can be understood by the following Relationship which is based on
the size of the work to be carried on or amount to be spent-
.
Demolition > Renovation> Repairs
or
1000000> 100000>10000
.
.
Difference can be understood by the following Relationship which is based on
the size of the work to be carried on or amount to be spent-
.
Demolition > Renovation> Repairs
or
1000000> 100000>10000
.
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