16 January 2015
I AM PAYING HOUSING LOAN ON CONSTRUCTION ON HOUSE, NOW I HAVE TAKEN ANOTHER LOAN FOR SAME HOUSE FOR EXTENSION, WHETHER I AM ELIGIBLE FOR TAX EXEMPTION FOR BOTH LOAN ?
16 January 2015
If you avail a loan for doing the renovation, then you can claim the interest paid on this loan as a tax deduction subject to a cap of Rs.30,000 per fiscal in case of a self-occupied property. If the property has been let out, full interest should be allowed as deduction.
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