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Direct Taxation
What will be the deduction for interest on purchase and repair u/s 24b for House property in Mumbai please explain
Answers (13)
The first 157,000 will be restricted to 30,000 as loan was taken before 1st April 1999 and in the next case no interest is allowable as maximum ceiling limit of 30,000 is fully utilised ( however for HP in Delhi only 30,000 is allowable as loan was taken for repair)
Himanshu Somani
The first 157,000 will be restricted to 30,000 as loan was taken before 1st April 1999 and in the next case no interest is allowable as maximum ceiling limit of 30,000 is fully utilised ( however for HP in Delhi only 30,000 is allowable as loan was taken for repair)
For purchase and repairs different limits of 30000 right? Why combined limit? Please given reference to the combined limit notes
Himanshu Somani
Yes yes Sorry! 30,000 separate limit is there No combined limit
But answer is 30000 combined only I didn't get it how
Thread Starter
Priyanka UdeshiBut answer is 30000 combined only I didn't get it how
Is the Delhi property SOP?
Thread Starter
Priyanka UdeshiBut answer is 30000 combined only I didn't get it how
See 1st proviso to section 24(b)
Harish Kumar
If Delhi property is SOP then the deduction under 24(b) is 30000 as combined limit for both Mumbai and Delhi properties. If Delhi property is LOP then the deduction u/s 24 (b) is.. For Delhi property - 150000 For Mumbai (SOP) - 30000
Sorry, they given 50:50 so, 75k each property so, if Delhi is LOP Deduction for Delhi property is 75 k
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