Sec­tion 24

Consumer Voice - - Home Loans -

Un­der Sec­tion 24, in­ter­est paid on loan taken for car­ry­ing out re­pairs/re­newal/re­con­struc­tion of a prop­erty, which is owned and oc­cu­pied or is owned but not self-oc­cu­pied (stay­ing in rented ac­com­mo­da­tion in­stead) can be ex­empt from gross to­tal in­come up to Rs 30,000 per year. If such a prop­erty has been ac­quired/ con­structed as a house be­fore 1 April 1999, then ex­emp­tion is up to Rs 30,000 per year. How­ever, if such ac­qui­si­tion/con­struc­tion of house is made after 1 April 1999, then it is ex­empt from gross to­tal in­come up to Rs 200,000 per year (ap­pli­ca­ble for the fi­nan­cial year 2014–15). Co-own­ers of the prop­erty who are also joint bor­row­ers of the home loan can claim ex­emp­tion to the ex­tent of their share in the loan com­po­nent.

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