max. int allowed as deduction u/s 24(b)
This query is : Resolved
21 February 2010
please tell me is the max limit of 150000 or 30000 as the case may be as interest deduction combines of interest of pre-acquisition period as well as current year period?
or it is separate for pre-acquisition and current year deduction?
or it is separate for pre-acquisition and current year deduction?
21 February 2010
interest deduction is allowed u/s 24, no matter whether it is pre or post but pre- construction interest is allowed only 20% in a year remaining is allowed in next 4 year at 20 % each year.
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21 February 2010
U/s24(b)the max ceiling is Rs 1.50lakhs inclusive of pre and post interest Pre-construction interest is to be claimed in 5 equal instalments from the AYs in which the construction is completed.Interest on amount borrowed for repairs or renewal or re-construction is allowable upto Rs 30,000/-
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