Santhnam purchased in October, 2017 with the financial assistance by way of housing loan provided by PNB Housing Finance Ltd. a flat in Chennai to be used exclusively for his own residential purposes. Interest on the hou
CS Executive · Tax Laws · PYQS · December 2019
Santhnam purchased in October, 2017 with the financial assistance by way of housing loan provided by PNB Housing Finance Ltd. a flat in Chennai to be used exclusively for his own residential purposes. Interest on the housing loan till March, 2019 paid by him was of ₹2,18,780. He wants to know the amount of deduction to be available to him in respect of interest so paid on the housing loan while computing his income for A.Y. 2019-20.
Answer & Explanation:
The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: As per section 24(b) of the Income Tax Act, 1961, the deduction in case of self occupied property is ₹ 200000 or interest during the current financial year whichever is lower. The bifurcation of the interest payment on housing loan during the current year is not mentioned separately in the question.
Topics: Income Tax Act, 1961
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