I wanted to know the maximum amount of deduction us 24, for property acquired after 3 years from date of borrowing is Rs 150000 or Rs. 30000.
2 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 04 August 2013
Property given on Rent - Interest deduction allowed is equal to the actual interest
Property self occupied - Interest deduction allowed to Rs. 150000
Focus
(CA-Final Student)
(272 Points)
Replied 04 August 2013
The interest deduction of Rs 150000 for self occupied property is only for property acquired after 1.4.1999 and completion of construction or acquisition of property within 3 years from date of borrowing. Please confirm?
I have purchased a property which is self occupied. However, the possession was given IN FY 2012-13 wheareas loan was taken in FY 2008-09. Can I claim preconstuction interest as deduction upto 30000 or 150000??
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