Deduction of Interest

Deduction of Interest

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Income Tax
Deduction of interest [Second proviso to section 24(6)]

 Deduction  of  interest  in  case  of  oneself  occupied  residential  property  increased  to  `2,00,000 [Second provison to section  24(6)] [W.e.f. A.Y. 2015-16]




Second proviso to section 24(6), inter-alia, provides that in case of one self-occupied property where the acquisition or construction of the property is completed within three years from the end of the financial year inwhich  the  capital  is  borrowed,  the  amount of deduction  under  section  24(6)  shall  notexceed 1,50,000.



The Finance (No. 2) Act, 2014 has amended the second proviso to section 24(6), so as to increase the limit of

   deduction on account of interest in respect of oneself occupied property referred to in section 23(2) from

`1,50,000 to `2,00,000.






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