I have taken home loan for construction in 2011 and claiming I T exemption on interest . Now I have taken loan for repairs for the same house. Can i get IT exemption for interest on both the loans? Please clarify
Hi
If you have taken a home loan for renovation, repair or alteration of a residential property (home improvement loan), you can claim deduction on the interest component under section 24(b). The deduction amount is capped at Rs.30,000 a year.
