17 November 2009
Under section 24, following two deductions available-
(a) Standard deduction @30% of net annual value irrespective of any expenditure incurred by taxpayer
(b) Interest ( maximum Rs.1.5 lacs ) on capital borrowed for acquiring or constructing the house. If the capital borrowed is for repairs/renovation then the max ceiling is Rs.30000/- ( and not Rs.1.5 lacs)
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