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of <h1>Section 24 Deductions: House Property Income Rules, Let-Out vs. Self-Occupied, Loan Interest Limits Explained</h1> Section 24 of the Income Tax Act outlines deductions from the net annual value of house property income. Deductions include a statutory 30% of the net annual value and interest on borrowed capital for house-related purposes. There is no deduction limit for let-out properties, while self-occupied properties have specific limits based on loan dates and purposes. Interest for pre-construction periods is deductible in five installments post-completion, but not for repairs. From the assessment year 2021-22, opting for taxation under section 115BAC disallows these deductions. Interest on unpaid interest and brokerage fees are non-deductible, while interest on loans to repay original loans is deductible.
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