Deduction under sec 24
This query is : Resolved
18 February 2014
I have taken house building advance from state Govt, , finance department, a sum of rupees 7.5 lakhs.I repay only installment of principal amount, can I deduct interest amount undee sec 24 of I tax
18 February 2014
Yes. Interest accrued and due is eligible for deduction u/s 24(b) subject to the limits prescribed therein.
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