CMA.Dr.W.V.BALAJI (Associate Professor & Head Department of Commerce) (32 Points)
14 February 2013Dear sir,
Will it be right to claim interest exemption under section 24 upto Rs.30000 for theloan taken for the renovation of ancestral house in which the assessee is also a claimant
CA Ketan Waghela
(Partner at Elite Educare)
(356 Points)
Replied 16 February 2013
The interest payments on loans taken for the purpose of repair, renovation or reconstruction are also eligible for deduction. For claiming interest benefit, the first and foremost point you should remember is that the benefit is available for the house owned by you.
If the ancestral house is transferred in your name then you can claim deduction.
Members, please correct me if i'm wrong.
CAclubindia
