Section 24 - interest on capital borrowed on house property - Income Tax

Section 24 - interest on capital borrowed on house property

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Ashok J (CA Final) (880 Points)
Replied 07 August 2015

Int on hsg loan has to b claimed on accrual basis n not on pmnt basis...for ay 14 15 if return filed u cn revise....

Rajesh Kumar Gupta (Senior Divisional Manager) (714 Points)
Replied 07 August 2015

Renovation case. As no new construction or acquisition is involved allowable deduction is only 30000. If Map is newly approved then only to be treated a case of construction.

aishwarya (CA Practice ) (32 Points)
Replied 07 August 2015

Thanks for all your help. From what I can infer from the replies yes I can claim this as a deduction and plus since its let out it will be for the entire amount paid as interest 🙏