Deductions - (Section 24)

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....M INTEREST Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. MAXIMUM LIMIT OF DEDUCTION * In Let Out Property/Deemed to be Let Out = No maximum limit * In Self-occupied property Loan taken before 01.04....

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....ax) Aggregate* amount [FA 2019 w.e.f. 1-4-2020] of Deduction = 30,000 (Max) Aggregate* amount [FA 2019 w.e.f. 1-4-2020] of Deduction = 2,00,000 (Max) *Aggregate amount relates to property referred in sec 23(2) consist of more than TWO HOUSES [FA 2019, w.e.f. 1-4-2020] INTEREST FOR PRE-CONSTRUCTION / ACQUISITION PERIOD * Interest for pre-construction / Acquisition period is allowable in 5 eq....