Explain deduction from house property income U/s (24)?
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Answer / r.chandrasekaran
Two types of deductions are available u/s.24.
1. Standard deduction: 30% of net annual value is deductible irrespective of any expenditure incurred by the tax payer.
2. Interest on borrowed capital: Interest on borrowed capital is allowable as deduction, if the capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.
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