What is quantum of interest deductible under section 24(b) in the following case borrowed for construction of house
1st floor : Rented
Rent received Rs.1,20,000 p.a
Interest paid on bank loan 48,000 (loan taken in 2002-03 construction completed 5/2003
2nd floor : Self occupied
Interest paid on bank loan 1,50,000 (loan taken in 2012-13 construction completed 5/2013
For let out property the actual interest paid will be taken. For self occupied property it is upto 1.5 Lacs
Yes,Kanagaraj sir is correct and furthur check wheather construction has been completed with in the three years of borrowing to get rs 150000 exemption
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