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Deductions - (Sec. 24)

Income Tax - House Property Income - 04 - SEC - 24: DEDUCTIONS FROM NET ANNUAL VALUE Annual value chargeable u/h IHP shall be computed after making the following deductions: Statutory deduction i.e. 30% of Net Annual Value Amount of interest payable on borrowed capital SEC - 24(b): DEDUCTIONS FROM INTEREST 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, .....

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e / acquisition or construction is NOT COMPLETED within 5 years (FA, 2016, w.e.f. 1.4.2017) from the end of the financial year in which loan was borrowed. PURPOSES: Purchase / acquisition or construction and Such purchase / acquisition or construction is COMPLETED within 5 years (FA, 2016, w.e.f. 1.4.2017) from the end of the financial year in which loan was borrowed. Deduction = 30,000 (Max) Deduction = 30,000 (Max) Deduction = 2,00,000 (Max) INTEREST FOR PRE-CONSTRUCTION / ACQUISITION PERIOD & .....

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