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of <h1>Taxpayers Can Deduct Loan Interest for Let-Out Properties Under Section 24(b): Pre and Post-Construction Periods Explained.</h1> In computing taxable income under 'Income from house property' for let-out properties, taxpayers can claim a deduction under section 24(b) for interest on loans used for purchasing, constructing, repairing, renewing, or reconstructing the property. Interest is categorized into pre-construction and post-construction periods. The pre-construction period starts from the loan borrowing date and ends either on the loan repayment date or 31st March before property completion. Interest from this period is deductible in five equal annual installments starting from the property acquisition or construction year. Total deductions include 1/5th of pre-construction interest plus post-construction interest.
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