I would like to know whether Home Loan Benefits(Principle+Interest)available in case of Home loan taken for Purchasing a Old House and repairing of that house ?
Thank you
Sandeep Jadhav
(Bcom ITP STP ITRPS STRPS CS CA FINAL)
(1092 Points)
Replied 08 February 2015
Dear Soumav,
You can get dual benefit under Section 24B & U/s 80c
Section 24(b): INTEREST ON BORROWED CAPITAL (Subject to Maximum Rs. 2lac)
Under section 80C Home Loan Principal (subject toa Maximum Rs. 1.50Lac
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 05 March 2015
hello,
Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.
The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).
In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take tax deduction of the whole interest amount under Section 24.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 05 March 2015
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014)
But this dedution is available for Purchase/Construction of a new house property not for repairing.
SR
(B.Com)
(21 Points)
Replied 17 March 2015
I WANT TO KNOW ABOUT INCOME TAX BENEFIT ON HOME LOAN TAKEN ON UNDER CONSRTUCTION PROPERTY.I HAVE 2 HOME ONE SELF OCCUPIED AND ANOTHER IS ON RENT(T.O.P.) AND I HAVE NO PREVIOUS HOME LOAN PENDING.PLZ SUGGEST TAX BENEFIT.
S.R.
Bjorn
(MBA)
(25 Points)
Replied 14 July 2015
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