A assessee has a home loan for self occupied residential property, for which he is claiming deduction upto 1.5 lakh from his income. If the same person takes another loan for repairs of the same house, can he cliam the interest on this second loan (upto 30k) simultaneously along with the loan for construction of property?
In this case the total deduction for the person comes to 1,80,000 (max). Is it possible to claim deduction for loan for construction and loan for repair at the same time?
PS: Repayment of loan for construction has been running for 6 years, and the loan for repair is new.
Thanks
Ashwin
CAclubindia
