Standard deduction u/s.24(b)

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BIPIN (Querist)
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31 December 2013 if any person having SOP then wt is the limit for deduction u/s.24(b)?
or if he is having LOP then wt is the limit for deduction u/s.24(b)?
also assessee is having NRI status then
and limit for standard deduction u/s.24(a) for both sop and lop

Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 December 2013 Nil. in case of SOP.

30% of the annual value in case of LOP. NRI status doesn't affect the section 24(b)

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 December 2013 Section 24(b) deduction:-
Resident assessee's:-

i) SOP - Shall not exceed Rs.30,000 OR Rs. 1,50,000 depending on the year of construction /acquisition viz., prior/after 1-4-2009.

ii) LOP - Actual interest payable without limit.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 December 2013 Section 24(b) deduction:-

Non resident assessee's:-
i) SOP - Shall not exceed Rs.30,000 OR Rs.1,50,000 depending on the year of construction /acquisition viz., prior/after 1-4-2009.

ii) LOP- Actual interest payable without limit.

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