A) Rs. 1,75,000
B) Rs. 2,25,000
C) Rs. 2,50,000
D) Rs. 2,00.000
E) Rs. 1,50.000
Correct Answer: D
Solution :
The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs). In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case. The tax deduction of Interest on Home Loan under Section 24 is deductible on payable basis, i.e. on accrual basis.
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