Deduction for interest on home loan extended completion period alters eligibility for enhanced deduction under income tax provision The second proviso to clause (b) of section 24 is amended so that the deduction cap for interest on capital borrowed for acquisition or construction of a self-occupied house is allowed if acquisition or construction is completed within five years from the end of the financial year in which the capital was borrowed, replacing the earlier three-year requirement; the amendment takes effect from 1 April 2017 and applies to assessment year 2017-2018 and thereafter.
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Deduction for interest on home loan extended completion period alters eligibility for enhanced deduction under income tax provision
The second proviso to clause (b) of section 24 is amended so that the deduction cap for interest on capital borrowed for acquisition or construction of a self-occupied house is allowed if acquisition or construction is completed within five years from the end of the financial year in which the capital was borrowed, replacing the earlier three-year requirement; the amendment takes effect from 1 April 2017 and applies to assessment year 2017-2018 and thereafter.
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