Deduction u/s 24 from HP Income

Rishubh Mathur (Analyst -Taxation) (442 Points)

14 June 2011  

Hi friends!!!

Income-tax provides for deduction of Rs. 1.50 lacs on account of interest on housing loan in case of Self -occupied house property.

Further, it is provided that any pre-construction interest is allowed as deduction in 5 equal annual installments.

Is this installment of preconstruction interest also covered within limit of Rs. 1.50 lakhs for deduction on interest on Housing Loan?