Interest Allowable u/s 24
This query is : Resolved
10 January 2011
Mr. raised two loan from bank for construction of house, first loan was taken for Rs. 500000/- on 1.11.98 and second loan was taken on 01.10.99 for Rs. 800000/- construction of house completed on 31.3.2000 , i have a query,
Q - Is interest allowable u/s 24 is applicable for the both or extent of Rs. 150000/- only.
(for the extent of Rs 30000/- for first loan
for the extent of Rs. 150000/- for second loan)
Q - Is interest allowable u/s 24 is applicable for the both or extent of Rs. 150000/- only.
(for the extent of Rs 30000/- for first loan
for the extent of Rs. 150000/- for second loan)
Manek Amit
(Expert)
11 January 2011
for the first loan independently interest should not exceed Rs. 30000 while for combined interest of both loan
total interest should not exceed rs. 150000
total interest should not exceed rs. 150000
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