max. int allowed as deduction u/s 24(b)

This query is : Resolved

Malhaar V Kale (Querist)
Follow

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?

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
Follow

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.

Message likes : 1 times

M Prabhakar Menon

M Prabhakar Menon (Expert)
Follow

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/-

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok