Is the interest payable outside India allowed as a deduction u/s 24(1) while computing the income from house property? No the interest paid or payable outside India is not deductible.
Is land revenue paid to the State Government in respect of property deductible u/s 24(1)? Yes any sum paid on account of land revenue or any other tax levied by State Government in respect of the property whose income is computed under the head income from house property is deductible on payment basis. What about deductibility of interest on housing loans? Top Deduction of interest up to Rs.1.5 lakh on capital borrowed after April 1,1999 for acquisition or construction of self-occupied house property is currently allowed only if the house property is acquired or constructed before April 1, 2003. This provision has been amended in the latest budget of 2002-03 to provide that the house property should be acquired or constructed within 3 years from the end of the financial year in which the capital is borrowed. Then again, this relief is allowed only when the income from house property becomes chargeable to tax.
Related Questions
- Is the interest payable outside India allowed as a deduction u/s 24(1) while computing the income from house property? No the interest paid or payable outside India is not deductible.
- Is income/interest earned on investments/deposits held in India by NRIs on non & repatriation basis allowed to be repatriated?
- Is the interest payable outside India allowed as a deduction u/s 24(1) while computing the income from house property?
