Explain deduction from house property income U/s (24)?
Answer / r.chandrasekaran
Two types of deductions are available u/s.24.
1. Standard deduction: 30% of net annual value is deductible irrespective of any expenditure incurred by the tax payer.
2. Interest on borrowed capital: Interest on borrowed capital is allowable as deduction, if the capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.
Is This Answer Correct ? | 19 Yes | 6 No |
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