Deduction under section 24

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Seema (Querist)
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21 February 2008 What is the quantum of deduction that would be allowable under the Income tax Act on a flat the construction of which was completed during September 2007 and possession handed over in October 2007? Whether full deduction is available? Is there any CBDT circular in this regard?

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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21 February 2008 ANY INTEREST PAID ON LOAN UPTO RS.150000/- IS ALLOWED FOR DEDUCTION EACH YEAR.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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21 February 2008 if interest is paid during the year interest upto 150000/-deduction is avalable to you

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Deduction under section 24

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