Limit of exemption available u/s 24(b)
This query is : Resolved
10 October 2013
Is the limit available u/s 24(b) of income tax act of Rs. 150000 inclusive of pre construction period or current year only?
10 October 2013
If the house in self - occupied, then the limit of Rs 1.5 lakhs is inclusive for pre-construction and post-construction interest.
For eg: If the current interest is Rs 1.4 lakhs and 1/5th installment for pre-construction is Rs 20 thousand. Then instead of Rs 1.6 lakhs, you can claim only 1.5 lakhs.
For eg: If the current interest is Rs 1.4 lakhs and 1/5th installment for pre-construction is Rs 20 thousand. Then instead of Rs 1.6 lakhs, you can claim only 1.5 lakhs.
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