Interest ded u/s 24(b)
This query is : Resolved
14 March 2017
Dear Sir,
The loan for acquiring house property has been obtained during FY 2012-13. The possession for the same has been received in June 2016.
How much interest is allowed to be deducted for calculation of "Income of House Property" u/s 24(b). The property is self occupied.
Kindly guide. The issue is urgent.
Thanks in advance.
The loan for acquiring house property has been obtained during FY 2012-13. The possession for the same has been received in June 2016.
How much interest is allowed to be deducted for calculation of "Income of House Property" u/s 24(b). The property is self occupied.
Kindly guide. The issue is urgent.
Thanks in advance.
15 March 2017
Maximum Limit of deduction under section 24b
1) In Let Out Property/Deemed to be Let Out – No maximum limit
2) Self Occupied House (SOP) – Rs. 2,00,000. (1,50,000 for A.y 2014-15 and before)
In the following cases the above limit of Rs 2,00,000 for SOP shall be reduced to Rs. 30,000
– Loan borrowed before 01-04-1999 for any purpose related to house property.
– Loan borrowed after 01-04-1999 for any purpose other than construction or acquisition.
– If construction/acquisition is not completed within 5 years from the end of the financial year (3 years till financial year 2015-16) in which capital was borrowed.
In your case construction was completed within 5 Years on Loan so Rs. 200000 Deduction is allowed.
1) In Let Out Property/Deemed to be Let Out – No maximum limit
2) Self Occupied House (SOP) – Rs. 2,00,000. (1,50,000 for A.y 2014-15 and before)
In the following cases the above limit of Rs 2,00,000 for SOP shall be reduced to Rs. 30,000
– Loan borrowed before 01-04-1999 for any purpose related to house property.
– Loan borrowed after 01-04-1999 for any purpose other than construction or acquisition.
– If construction/acquisition is not completed within 5 years from the end of the financial year (3 years till financial year 2015-16) in which capital was borrowed.
In your case construction was completed within 5 Years on Loan so Rs. 200000 Deduction is allowed.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Loan by Partnership Firm
- Tax liability on income of freelancer
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Agriculture income or business income
- TAN for Partnership
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
