 Online edition of India's National Newspaper Monday, Oct 27, 2008 ePaper | Mobile/PDA Version |
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Sec. 24(b) allows interest on borrowed capital for acquisition, construction, repairs, renewal or reconstruction. However, a ceiling is placed only in respect of interest payable on capital borrowed by self-occupied property at Rs. 30,000, but enhanced to Rs. 1.50 lakh, if the borrowing is on or after April 1, 1999. Since self-occupation benefit is allowed only for one house, the question referred to by the reader as to whether the ceiling is meant for one or more houses does not arise. As for as let out property is concerned, there is no ceiling for deduction.
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