Can I claim interest on mortgage loan under income from house property (i.e u/s 24(b)
Similarly can I claim principal portion on mortgage loan under 80c
so! mortgage loan is taken by you! for constructing the 2nd floor(an addition)!....
and you are paying interest on such loan!....
you want deduction(I mean you want to claim that interest as expenditure)....???
:::24(b) says
"interest payable on loans borrowed for the purpose of acquisition,construction,repairs or reconstruction can be claimed as deduction"
thus, no deduction for additions or alterations(2nd floor)because the word additions or alterations are not described....
::::80C says
specifically mentioned : inadmissible payments for deduction
"the cost of any addition or alteration or renovation or repair of the house property after the completion of the house or after the house has been occupied by the assessee!"
CAclubindia
