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Dr.PKBhattacharyya (Professor)     06 July 2014

Deduction under 24(b)

I booked a flat in  May2012 ,took loan of Rs. 56 lacs from Bank under subvention scheme;the tower in under construction..to be delivered in 2016. Meanwhile I am paying EMI. The PEMI interest paid by me during 2013-2014 is Rs. 5.8 lacs(Bank's certificate is obtained).My query:

(a) May I get  deduction under 24(b) of IT Act in my IT return for AY 2014- 15 ? what will be  the amount of deduction?

(b) Will this deduction under 24(b) will be  in addition to  the deduction I am enjoying under 80CCE ?



 1 Replies

girish nanji shejpal (self practising)     06 July 2014

What is ur Income? Uder sec 24(B) one person have like to deduction  on Loan amount up to 20 Lac,

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