Karthik acquired an electric motor car on 23rd April, 2022 for ₹18 lakh for which he availed loan of ₹14 lakh from State Bank of India. Interest on loan for the year ended 31st March, 2023 was ₹1,90,000. How much of inte
CS Executive · Tax Laws · PYQS · June 2023
Karthik acquired an electric motor car on 23rd April, 2022 for ₹18 lakh for which he availed loan of ₹14 lakh from State Bank of India. Interest on loan for the year ended 31st March, 2023 was ₹1,90,000. How much of interest on loan is eligible for deduction for the assessment year 2023-24?
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax Act, 1961
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