Deductions - (Section 24)

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..... OM 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, 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 01.0 .....

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..... Max) Aggregate* amount [FA 2019 w.e.f. 1-4-2020] of Deduction = 30,000 (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 e .....

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..... rranging the loan. * Interest on a fresh loan, taken to repay the original loan raised for the aforesaid purposes, 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 a .....

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