H.r.a

section 24 (B) income tax act There are few deduction i.e 1)interest payable on loan can be clamimed as deduction 2) Interest payable on a fresh loan to repay the original loan is also Admissiable as deduction 3)interest payable on borrowed capital for the period prior the othe previous year in which the property has been acquired or constructed ,can be claimed as deduction over a period of 5 years in equal annual installments,commentcing from teh year of acqusition or completion of construction 4)Interest related to year of Completion of construction can be fully claimed irrespective of completion date Now my question arises how much Deduction is there in section 24 (B) 200000 or 150000 pls show me calculation

Under section 24(B): In Let Out Property/Deemed to be Let Out – No maximum limit AND Self Occupied House – Rs. 2,00,000. (1,50,000 for A.y 2014-15 and before)

Note: the above limit of Rs 2,00,000 for SOP shall be reduced to Rs. 30,000 for any purpose other than construction or acquisition; like repairs, modification etc.

From current financial year, an additional deduction is also added u/s. 80EE for Rs. 50,000 for new First time Home buyers. This incentive is proposed to be extended to a house property of a value less than fifty lakhs rupees in respect of which a loan of an amount not exceeding thirty five lakh rupees has been sanctioned during the period from the 1st day of April, 2016 to the 31st day of March, 2017. It is also proposed to extend the benefit of deduction till the repayment of loan continues.

Menu

Avik Banerjee

Dhirajlal Rambhia

Leave a Reply

Recent Threads

Related Threads