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.You need to login to perform this action.
You will be redirected in
3 sec