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Deduction in respect of interest on loan
what is the deduction in respect of interest on loan taken for the purpose of acquisition of flat??
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Dear Praveen,
Section 24(b), Deduction under the house property - yes, you can take a deduction of interest up to INR 2,00,000 on the loan taken for the property either acquired, constructed, renewed, or reconstructed.
Interest on loan deduction is provided under sec 24 as well as under Sec80EEA
In case of sec 24 maximum limit is 200000/-
pre acquisition interest will be allowed in 5 equal installment
In case of 80EEA you can claim maximum 150000/- but condition is it must be sanction between 19-20 and SDV 45 lacs
In case of sec 24 maximum limit is 200000/-
pre acquisition interest will be allowed in 5 equal installment
In case of 80EEA you can claim maximum 150000/- but condition is it must be sanction between 19-20 and SDV 45 lacs
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