Medicines purchase and pre construction interest

Yes, the assessee's purchase of medicines and interest on pre-construction of house can be allowed as a deduction under the Income Tax Act, 1961 but keep in mind following conditions

Medicines purchase:

The purchase of medicines is allowed as a deduction under section 37(1)(d) of the Income Tax Act, 1961, subject to the following conditions:

-The medicines must be purchased for the treatment of the assessee or his dependents.

-The medicines must be prescribed by a registered medical practitioner.

-The assessee must produce the necessary documentary evidence, such as the prescripttion and the bill of purchase.

Interest on pre-construction of house:

The interest on pre-construction of house is allowed as a deduction under section 24(b) of the Income Tax Act, 1961, subject to the following conditions:

-The loan must be taken from a bank or a financial institution for the construction of a house property.

-The construction of the house property must be completed within five years from the end of the financial year in which the loan was taken.

-The deduction is allowed in five equal installments starting from the year in which the construction is completed.

In the given case, the assessee's purchase of medicines and interest on the pre-construction of the house will be allowed as a deduction under the Income Tax Act, 1961, subject to the above conditions.