Income from house property: aggregate deduction for interest now includes prior-period interest, subject to Rs.2 lakh ceiling. The amendment substitutes the reference to sub-section (1)(b) with sub-sections (1)(b) and (c), so that the aggregate amount of deduction for interest on ... Summary
Income from house property: aggregate deduction for interest now includes prior-period interest, subject to Rs.2 lakh ceiling.
The amendment substitutes the reference to sub-section (1)(b) with sub-sections (1)(b) and (c), so that the aggregate amount of deduction for interest on borrowed capital for self-occupied property is inclusive of prior-period interest payable, with the existing Rs. 2 lakh ceiling applying to that aggregated deduction.
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