deduction from house property income u/s 24
This query is : Resolved
Sumiti Jain
(Querist)
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?
CA SANJAY MUKHERJEE
(Expert)
21 September 2009
Overall limit is 1,50,000 so 1,48,000+ 2000 for pre construction period.
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