{"id":12765,"date":"2020-06-04T05:54:51","date_gmt":"2020-06-04T05:54:51","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=12765"},"modified":"2024-06-04T10:36:10","modified_gmt":"2024-06-04T05:06:10","slug":"deduction-from-income-of-housing-property-section-24","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/deduction-from-income-of-housing-property-section-24\/","title":{"rendered":"Deduction from income of housing property (Section 24)"},"content":{"rendered":"<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>\u00a0<\/strong><strong>Content:<\/strong><\/p>\n<p><a href=\"#introduction\"><strong>Introduction<\/strong><\/a><\/p>\n<p><a href=\"#interest\"><strong>Interest on borrowed capital(section 24b)<\/strong><\/a><\/p>\n<p><a id=\"introduction\" href=\"#calculation\"><strong>Calculation for the interest on loan<\/strong><\/a><\/p>\n<p><a href=\"#amount\"><strong>Amount of Deduction allowed<\/strong><\/a><\/p>\n<p><a href=\"#property\"><strong>Silent feathers that allow the ability of interest under head income from house property head<\/strong><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong id=\"interest\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-15296 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1.png\" alt=\"Deduction from income of housing property (Section 24)\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/06\/Deduction-from-income-of-housing-property-Section-24-1-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\u00a0<\/strong><\/p>\n<h3><strong>Deductions<\/strong><\/h3>\n<p>According to section 24 of the Income Tax Act, there are two types of deductions claimed under this section and the deductions are:<\/p>\n<ul>\n<li>Standard deduction of 30% of annual value(Section 24A)<\/li>\n<li>This is a flat deduction as standard deduction given from income of house property<\/li>\n<li>Assessee will not be able to take this 30% standard deduction if <a href=\"https:\/\/www.indiafilings.com\/learn\/annual-value-property\/\" target=\"_blank\" rel=\"noopener\"><u>Annual value<\/u><\/a> received is nil<\/li>\n<li>Interest paid on home loan(Section 24B)<\/li>\n<li>Section 24 of the Income Tax Act, 1961 states that the amount of interest on housing loan whether accrued or paid, shall be deductible from the income from house property.<\/li>\n<li>Here, the loan must have been taken for the purpose of purchase or construction or repair or renewal or reconstruction of a <a href=\"https:\/\/www.cagmc.com\/income-tax-applicability-on-income-from-house-property\/\">residential house property<\/a>.<\/li>\n<\/ul>\n<h3><strong id=\"calculation\">Interest on borrowed capital (section-24b)<\/strong><\/h3>\n<p>Interest on borrowed fund for the construction of house property is divided in two parts:<\/p>\n<ul>\n<li>Interest on pre-acquisitions period<\/li>\n<\/ul>\n<p>Pre-acquisition interest means interest occurred before the completion of construction or acquisition of house property. Deduction on pre-construction or acquisition is taken in 5 year equal installment from the date of completion of construction or acquisition.<\/p>\n<ul>\n<li>Interest on post-acquisitions period<\/li>\n<\/ul>\n<p>Interest related to post acquisition or construction period can be claim each year as the interest may paid or outstanding<\/p>\n<h3><strong>Calculation for the interest on loan<\/strong><\/h3>\n<p>Calculation of pre-acquisition and post-acquisition period:<\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Pre-construction period<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Post-acquisition period<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Period start<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">From date of borrowing loan<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">From 1<sup>st<\/sup> day of Financial Year in which constructions of house is completed.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Period end<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">On 31<sup>st<\/sup> March of Financial Year immediately preceding the year of completion of constructions.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">When loan is repaid or end of financial year (whichever is earlier).<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Example<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">If loan is taken on 01-07-05 and house completed 15-09-08. Pre-acquisition period will be: 01-07-05 to 31-03-08.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">If loan is taken on 01-07-05 and house completed 15-09-08 and loan repaid as 31-12-11. The post-acquisition period will be:<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 01-04-08 to 31-03-09<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0 01-04-09 to 31-03-10<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0\u00a0 01-04-10 to31-03-11<\/p>\n<p>d)\u00a0\u00a0\u00a0\u00a0 01-04-11 to 31-12-11<\/td>\n<\/tr>\n<tr>\n<td id=\"amount\" style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\" rowspan=\"2\">Treatment<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 Make a total of interest of pre-acquisition period<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0 Total interest divide into 5 equal parts.<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0 Interest will allow in equal 5 installments.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\" rowspan=\"2\">Interest for post construction period will be allowed in the respective years.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1<sup>st<\/sup> installment will be allowed from the financial year in which house is completed.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><strong>Amount of Deduction allowed <\/strong><\/h3>\n<p>For finding the limit of interest allowed we will divide the property in three parts:<\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 20px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>S.no<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Particulars<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\" colspan=\"2\"><strong>Amount<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Property let out<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\" colspan=\"2\">No restrictions<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">2.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Property deemed to be let out<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\" colspan=\"2\">No restrictions<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">3.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Self-occupied property<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">If the 4 condition given below in the note is satisfied then lower of the following will be allowed:<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Interest calculated<\/p>\n<p>or<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rs 200000<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">If the 4 condition given below in the note is not satisfied then lower of following will be allowed:<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Interest calculated<\/p>\n<p>or<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rs 30000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>NOTE:<\/em> The four conditions are:<\/p>\n<ul>\n<li>Loan must be taken on or after 01-04-99.<\/li>\n<li>Loan must be taken for acquisitions or constructions of property.<\/li>\n<li>Construction must be completed within 5 years starting from end of year in which loan was taken.<\/li>\n<\/ul>\n<p>Example: If loan taken on 15-07-02 then house should be constructed up to 31-03-08.<\/p>\n<ul>\n<li>Lender certificate must be obtained.<\/li>\n<\/ul>\n<h3><strong>What are the silent feathers that allow the ability of interest under head income from house property head?<\/strong><\/h3>\n<ol>\n<li>Loan must be taken for purchase, construction, repair or renovations of house property.<\/li>\n<li>It is allowed on accrual basis even though not paid during the previous Year.<\/li>\n<li>Interest on interest will not be allowed.<\/li>\n<li>Interest on fresh loan to repay existing loan will be allowed.<\/li>\n<li>Loan may be taken from any one.<\/li>\n<li>Loan taken for payment of municipal tax will not be allowed.<\/li>\n<li>Any brokerage or commission for acquiring the loan will not be allowed.<\/li>\n<li>Interest payable outside (whether to resident or non-resident) India is not allowed as deduction:<\/li>\n<\/ol>\n<ul>\n<li>In on such interest TDS is not deducted and deposited and<\/li>\n<li>Payee has no person in India who can treat his agent under section 163.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Content: Introduction Interest on borrowed capital(section 24b) Calculation for the interest on loan Amount of Deduction allowed Silent feathers that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":15296,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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