Deduction u/s 24
Respected Experts, I am in confusion regarding section 24 of IT. If a person is having loan running agnst a commercial property on which he is claiming deduction on intt and now he has taken a loan for the construction of residential prop in F.Y 2014-15. The construction will comlete in F.Y 2015-16. Now for the purpose of calculation of advance tax we have to calculate the deductions. I want to know the procedure of calculation of deduction on intt for this purpose. Should we consider both the properties for this purpose or not. plz guide me.
Replies (1)
Int on borrwed capital for Commercial property should be taken as Biz expense.
int on borrwed capital for Residential property should alone be taken under section 24.
Principal part for residential property can be taken as investment upto 1.5lk u/s 80C
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