sec 24 deduction

[kunal kant]

Assessee is the owner of house and he let out the same house to a company in which he is a director and the company allots the same house as RFA to the assessee. whether the rent income income of the assessee allowed deduction under sec 24(b) ( interest paid in respect of let out property or self occupied property??)

[Ravi Kumar]

read online about this section.. max 24k allowed in a year..

AI Summary

Interest deduction on house property limited by statutory cap under section 24(b) for let-out or self-occupied cases. The issue concerns whether interest paid in respect of a house let to a company (of which the owner-director is a director) and thereafter allotted back as rent-free accommodation qualifies for deduction under Section 24(b); the recorded advisory reply states that the allowable interest deduction is subject to a statutory ceiling, noting a maximum deduction of 24,000 in a year.