I have a flat constructed in 1993. I had a HDFC loan - now paid up and closed - on which I had availed all tax benefits. I now wish take a home improvement loan. Are similar benefits available for the interest paid and principal repaid?
RE:Are deductions allowed on loans for home improvements?
by Amitabh on Jun 10, 2007 02:57 PM Permalink
For principall.deduction is available only for loan taken for purchase or construction of home loan.No deduction is available for loans taken for repair or renovation of the house,but if an extra unit is being constructed,the advantage will be available.But in case of interest,the deduction on payment of interest is available even if the loan is taken for repair or renovation of house.
