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Tax deduction benefits on Top-Up Loan Repayment

Tax deduction benefits on Top-Up Loan Reapyment will be available only if used fro construction and accquisition

Apnaloan.com Research Bureau

10 Aug 2007

I have switched banks after paying pre-closure charges to my lender. I have obtained an additional loan (top off loan) from the new lender. This top off loan will be used for making furniture for the house. Will tax benefits be available on the repayment of this top off loan? 

The repayment of the top off loan (since it has not been used for acquiring/constructing/repairing/renewal/reconstructing the house property), is not eligible for any tax benefits.

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