deduction from house property income u/s 24
This query is : Resolved
21 September 2009
Under section 24. deduction of max. interest of Rs.150,000 is allowed if prop.is repaired,constructed or renewed with borrowed capital. with addition to this deduction whether 1/5 part of interest on borrowed capital before construction period is allowed or 1/5 part is included in the same sum of Rs. 150,000?
e.g.: if the 1/5 part of interest of pre-construction period is Rs. 20,000 & interest of the current period is Rs.148,000. whether rs.168,000 is allowed or only Rs. 148000 is allowed?
e.g.: if the 1/5 part of interest of pre-construction period is Rs. 20,000 & interest of the current period is Rs.148,000. whether rs.168,000 is allowed or only Rs. 148000 is allowed?
21 September 2009
Overall limit is 1,50,000 so 1,48,000+ 2000 for pre construction period.
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