Tax Benefit on Home Extension Loan for the Home having already a Home Loan

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  1. Anoop Eldhose

    Anoop Eldhose New Member

    Sir,

    I am a government employee and our property in the name of my mother and we are having a home loan( Mother - Applicant, me and my wife - Co applicants). Also we have a home extension loan. I want to know that, is there any provision to claim tax benefit for the second Loan(Home extension loan).

    Thanks in advance for the reply
    Anoop
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    Section 24b is applicable for claiming deduction of interest on home loan.

    For the Home extension loan, you can claim full deduction of repayment of the principal amount under Section 80C and for claiming deduction of interest of home improvement loan - the limit is Rs. 30,000
     
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