Well, there are many
top up home loan tax benefits available.
When you settle your personal loan or repay your gold loan, you do not receive any tax benefits. If you top up your home loan, you can receive the tax benefits on both, the principal amount and interest of your home loan.
According to section 24B of Income Tax Act, if you use top up home loan funds for the alteration, renovation or repair of your home, you can avail
top up housing loan tax benefit as
a tax deduction is available.
The principal amount and interest paid both are eligible for tax benefits under section 80C and 24b of Income Tax Act, if you use your top up home loan for constructing or buying new property.
Remember, the total deduction available is of Rs 30,000 for renovation, repair and alteration. This deduction is available within the limit of Rs 2 lakhs.
Hope this clarifies:
is home loan top up eligible for tax exemption.
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Authors Of The Question
Is Tax Benefit Available on Top up Home Loan?
Aastha Tiwari
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8 months
2023-12-22T16:48:29+00:00 2023-12-22T16:48:30+00:00Comment
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