Deduction limit for interest on self occupied property increased, changing allowable interest relief effective from the specified assessment year. Amendment raises the maximum allowable deduction on account of interest under section 24(b) for self-occupied properties described in section 23(2), while retaining the thirty percent annual value deduction and the rule for interest on borrowed capital; it applies when acquisition or construction is completed within three years of borrowing and takes effect from 1 April 2015 for the 2015-16 assessment year onwards.
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Provisions expressly mentioned in the judgment/order text.
Deduction limit for interest on self occupied property increased, changing allowable interest relief effective from the specified assessment year.
Amendment raises the maximum allowable deduction on account of interest under section 24(b) for self-occupied properties described in section 23(2), while retaining the thirty percent annual value deduction and the rule for interest on borrowed capital; it applies when acquisition or construction is completed within three years of borrowing and takes effect from 1 April 2015 for the 2015-16 assessment year onwards.
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