What are the deductions available to me in case of self occupied property?
Interest payable (whether paid or not) on loan for purchase, repairs, renewals, construction or reconstruction of house property is allowed as a deduction ( from total income) up to Rs.30000/- The Finance Act,2000 has given a huge incentive to the housing sector in respect of purchase of new housing stock. It provides that where a house property is acquired or constructed after 1st April 1999 and such acquisition or construction is completed before 1st April 2003, then the deduction allowable on interest payable shall be up to Rs.1,50,000/- p.a. It may be pertinent to note that interest attributable to period prior to acquisition / construction is also allowable as deduction. For the purpose of such deduction the interest paid/payable before the final completion of construction or acquisition of the property will be aggregated and allowed in equal installments over five successive financial years starting from the year in which the acquisition or construction is completed. However, thi
