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of <h1>Section 24(b): Rules for 30% standard deduction and capped interest deductions for house property, including pre-construction spread</h1> Income from house property is computed after deducting (a) a standard 30% of annual value and (b) interest on borrowed capital for acquisition, construction, repair, renewal or reconstruction. Where specified property categories apply, deduction for interest was capped (historically ?30,000) and for loans borrowed on/after 1-4-1999 and completed within five years a higher cap applies; presently the aggregate deduction under the provisos is limited to ?2,00,000. Pre-construction interest is allowable in five equal annual instalments. A certificate from the lender is required before claiming the higher deduction for converted or new loans.
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