TMI BlogDeductions - (Section 24)X X X X Extracts X X X X X X X X Extracts X X X X ..... T Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. MAXIMUM LIMIT OF DEDUCTION In Let Out Property/Deemed to be Let Out = No maximum limit In Self-occupied property Loan taken before 01.04.1999 Loan taken on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 (Max) Aggregate* amount [FA 2019 w.e.f. 1-4-2020] of Deduction = 2,00,000 (Max) *Aggregate amount relates to property referred in sec 23(2) consist of more than TWO HOUSES [FA 2019, w.e.f. 1-4-2020] INTEREST FOR PRE-CONSTRUCTION / ACQUISITION PERIOD Interest for pre-construction / Acquisition period is allowable in 5 equal installment beginning from the year of completion of house property. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oses, is allowable as deduction Circular No. 28, dated August 20, 1969 . Any interest chargeable under the Act , in the hands of recipient and payable out of India, on which tax has not been paid or deducted at source, and in respect of which there is no person who may be treated as an agent, is not deductible, by virtue of section 25 , in computing income chargeable under the head Income from hou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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