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Deduction of interest on housing loan., Income Tax |
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Deduction of interest on housing loan. |
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A person constructed ground floor of a house by taking a housing loan. This loan is still not fully paid. Now he constructs two additional floors on this house by taking a fres housing loan. Whether the interest on fresh loan is allowable as deduction from income from house property u/s 24. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
In my view there is no restriction u/s 24 of the income tax (house property) regarding deduction of interest on borrowed capital used for construction of additional two floors on the existing building. You can claim the deduction for full amount of interest if the property is let out otherwise, the deduction shall be limited to 1.5 lakhs.
agree with Mukesh Ji
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