WebNov 27, 2024 · In case of self-occupied property, you can claim deduction both on principal repayment up to Rs 1.5 lakh under section 80C and tax deduction benefit on interest payment under section 24b. WebJul 27, 2024 · An assessee can claim deduction of Interest on Housing loan taken to acquire a house property u/s 24 (b) of the Income Tax Act. Section 10 (13A) allows an …
Interest on purchase of land - Income Tax - CAclubindia
WebJul 24, 2010 · Ques 1 can we take deduction for interest u s 24b on the purchase of land not house for example land purchased Rs 400000 lnterest paid on purchase of land Rs 10000 f y2009 2010 Ques 2 can we take deduction for interest u s 24b on the purchase of land and constrution of house on it for exam. Site. Courses. Login ... WebApr 1, 2024 · 2. Section 80EEA: The property valuation should not exceed Rs. 45 lakhs. The loan amount is not stated in this section. The loan period covered by this is from April 1, 2024, to March 31, 2024. Under this part, the maximum rebate is Rs.1.50 lakhs. For the Lock-in Period, there is no such restriction. tim tam arnott\u0027s
Section 24 (B) : Deductions From House Property Income
WebApr 23, 2024 · The 80EEA deduction is over and above the Rs 2-lakh-deduction limit allowed under Section 24 (b). However, 80EEA deduction is linked to the cost of the house and is extended on the purchase of housing units worth up to Rs 45 lakhs. The affordability of the house is also decided by the carpet area of the property. Shankar Rugge (344 … Web“Deductions from income from residential property” or deduction u/s 24b is the title of Section 24. ... A deduction u/s 24 up to Rs 2 lakh is allowed on home loan interest, either if the house owner lives in the residence or if it’s vacant. However, if the property is rented out, then the full interest on the house loan may be deducted. ... WebAug 17, 2024 · What Are The Deductions That Can be claimed Under House Property? There are certain deductions you can claim and get and reduce your tax outgo if you … baum mv