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Section 24

Final 389 views 2 replies

Focus

CA-Final Student

272 Points Joined July 2008

I wanted to know the maximum amount of deduction us 24, for property acquired after 3 years from date of borrowing is Rs 150000 or Rs. 30000.

Replies (2)

Devendra

Chartered Accountant

4780 Points Joined March 2009

Property given on Rent - Interest deduction allowed is equal to the actual interest

Property self occupied - Interest deduction allowed to Rs. 150000

Focus

CA-Final Student

272 Points Joined July 2008

The interest deduction of Rs 150000 for self occupied property is only for property acquired after 1.4.1999 and completion of construction or acquisition of property within 3 years from date of borrowing. Please confirm?

I have purchased a property which is self occupied. However, the possession was given IN FY 2012-13 wheareas loan was taken in FY 2008-09. Can I claim preconstuction interest as deduction upto 30000 or 150000??