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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 .....

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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 or after 01.04.1999 Loan taken on or after 0 .....

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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 constructio .....

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middot; Interest for pre-construction / Acquisition period is allowable in 5 equal installment beginning from the year of completion of house property. · This deduction is not allowable if the loan is utilized for repairs, renewal or reconstru .....

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