The construction of a house was completed on 31st January, 2021. The owner of the house took a loan of ₹ 20,00,000 @ 6% p.a. on 1st May 2020. In this case the deduction allowable for the previous year 2020-21 towards interest on borrowings is
A. ₹ 22,000
B. ₹ 24,000
C. ₹ 1,10,000
D. None of the above
Answer:C
The construction of a house was completed on 31st January, 2021. The owner of the house took a loan of ₹ 20,00,000 @ 6% p.a. on 1st May 2020. In this case the deduction allowable for the previous year 2020-21 towards interest on borrowings is
A. ₹ 22,000 B. ₹ 24,000 C. ₹ 1,10,000 D. None of the above