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Why do they take only 33 months i.e., up to march even though the construction was completed in may

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Sri Varshini

Sri Varshini

CA Inter

435

2 days ago

34

Answers (2)

As per the explanation under section 24(b) Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years: The words we have to focus are " the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed" So, it was taken only up to March


Yoga Vishnu

Yoga Vishnu

Moderator

2 days ago

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