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.