maximum deduction u/s 24
This query is : Resolved
SHASHI VARDHAN
(Querist)
04 July 2011
maximum deduction on Interest paid on capital borrowed after 01 Apr 1999 in case of self occupied property is Rs 1.5 lakh.
My query is Weather Rs 1.5 lakh is including interest for pre-construction period (1/5th)or it is over and above Rs 1.5 lahk.
My query is Weather Rs 1.5 lakh is including interest for pre-construction period (1/5th)or it is over and above Rs 1.5 lahk.
DEEP SINGH TOMAR
(Expert)
04 July 2011
Rs 1.5 lakh is including interest for pre-construction period of 1/5
04 July 2011
Pre construction or post construction interest is allowed under 'clause' (b) of section 24.
The wordings used in the second proviso is ....amount of deduction under this 'clause'......1.50 lakhs.
In view of the above, the cap of Rs.1.50 lakhs is inclusive of pre construction interest.
The wordings used in the second proviso is ....amount of deduction under this 'clause'......1.50 lakhs.
In view of the above, the cap of Rs.1.50 lakhs is inclusive of pre construction interest.
CA Mukesh Jain S
(Expert)
04 July 2011
I agree with both the experts
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