24 (b)
prashant Sh (6 Points)
23 February 2022
praveen
(Chartered Accountant)
(6971 Points)
Replied 23 February 2022
Completion of acquisition or construction is a mandatory condition for claiming deduction under Section 24(b). However, you can still claim the pre construction interest in 5 equal installments from the year in which completion is done.
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debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 24 February 2022
Introduction. Section 24b of income tax act allows deduction of interest on home loan from the taxable income. Such loan should be taken for purchase or construction or repair or reconstruction of house property. Such deduction is allowed on accrual basis, not on paid basis.
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