Deductions from income from House Property - (New) Section 22(1) to (5) / (Old) Section 24

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.... be computed after making the following deductions: • Statutory deduction i.e. 30% of Net Annual Value • Amount of interest payable on borrowed capital • Amount of interest payable on Pre-construction Interest Section 22(2): Limit for Self-Occupied Property • the aggregate amount of deduction under sub-section (1)(b) and (c) shall no....

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....ficate must specify: • (a) Interest on original loan • (b) Interest on new loan (refinancing) Section 22(5): Overall Cap for Multiple Self-Occupied Houses • The aggregate of the amounts of deduction under section  in respect of properties of the nature referred to in section 21(6) (In case of Loan taken for Two House)  shall n....

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....pied property Loan taken before 01.04.1999 Loan taken on or after 01.04.1999 Loan taken on or after 01.04.1999 PURPOSES: • Purchase / Acquisition or • Construction or • Renovation or • Repairing b • Extension etc. PURPOSES: • Renovation / repairing / extension etc. or • Where loan is taken for....

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....e 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 equal installment beginning from the year of completion of house property. • This deduction is not allowable if the loan is utilized for repairs, renewal or reconstruction. NOTES  • W....