Deduction u/s 24(b) of i.t.act .

CA Sanjay Baheti (PROPRIETOR) (1155 Points)

19 September 2011  

X  owns a Building of Three Identical Units the consruction of which was completed on 01.04.2009.The Building was occupied from 01.04.2009 onwards. All three units are used as

i) Self occupied for his Residence.(Unit I)

ii) Let out for Residence .(Unit II)

iii) Let out for own Business. (Unit III)

On 01.04.2005, X had borrowed a sum of Rs.500000/- bearing Interest @ 12% per annum. for the construction of this Building. The total Cost of Building was Rs.12,00,000/-

How to compute interest on Borrowed Amount as per Section 24(b) of .T.Act with Calculation.

 

Ayusha Baheti

IPCC Student