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Computation of Income from House Property- Deduction of Interest u/s 24(b)

Income like rent on house property, annual value of property “deemed” to be let out are considered as income from House Property and is taxable in hands the hand of the Assessee.

Deduction of interest on borrowed capital while computing the Income from House Property is allowed as follows:

Section 80EE and Sec 80EEA have been introduced in lately to provide deduction of interest over and above Sec 24(b). The deduction in this case shall be provided from the Gross Total Income.

  1. Section 80EE – Deduction amounting to Rs 50,000 is allowed in addition to deduction under section 24(b)
  1. Section 80EEA – Additional deduction amounting to Rs 1,50,000 is allowed in addition to deduction under section 24(b)
Authored By – CA Anushka Saraogi 

Section 89(1) Relief on Salary Arrears and Salary in Advance

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