Suppose interest on loan taken is 50,000 annually.
How would this interest be treated
u/s 24 and 80EE
In case of
i) House is let out
ii) House is self occupied throughout
iii) During Pre-construction period
in both 1&2 cases interest deduction will be up to 2lac p.a. as in case of let out property also interest is restricted to 2lacs which was actual earlier
no interest deduction allowed during pre construction period. however once construction is complete deduction in 5 equal installment is allowed in addition to yearly interest from the year previous to the year when construction is complete
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