Deduction of interest on housing loan.

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..... Deduction of interest on housing loan.
Query (Issue) Started By: - manoj gupta Dated:- 14-7-2010 Last Reply Date:- 16-7-2010 Income Tax
Got 2 Replies
Income Tax
A person constructed groun .....

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..... d 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 .....

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..... is allowable as deduction from income from house property u/s 24. Reply By Mukesh Kumar: The Reply: In my view there is no restriction u/s 24 of the income tax (house property) regarding deduction of .....

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..... 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 .....

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..... deduction shall be limited to 1.5 lakhs. Reply By BIBHUTI DAS: The Reply: agree with Mukesh Ji
Discussion Forum - Knowledge Sharing .....

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