I have taken personal loan Rs.5 lakh
from HDFC Bank for repairing my ancestral old house.
Can I take deduction of loan Interest & pricipal amount of loan repayment u/s 24b &80cc
Please guide us
Thanking you
Regards
Rajkumar Gutti
5 Replies
Ankit Neema
(2742 Points)
Replied 04 August 2021
I think you are not eligible as in section 24B deduction is allowed on Home Loan Interest, and in 80C allowed repayment of principal of Home Loan
Rajkumar Gutti
(591 Points)
Replied 04 August 2021
But I think only interest part is allowed for home repairing
Harsh Khemchandani
(126 Points)
Replied 04 August 2021
Yes interest on personal loan is allowed as it used in the repairs of HP
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 04 August 2021
Yes interest on loan can be claimed
Ankit Neema
(2742 Points)
Replied 04 August 2021
It's a personal loan not a home loan , so not eligible
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