Mr. X has taken a loan of ₹ 15,00,000 on 01.07.2017 @ 10% p.a. and the residential house was completed on 01.05.2019 and was let out w.e.f. 01.06.2019 @ 80,000 p.m. and fair rent of the house is ₹ 90,000 p.m. He repaid half of the loan amount on 01.01.2020. Compute the deduction u/s 24(b) for assessment year 2020-21.
A. 183,750
B. ₹ 1,83,750
C. ₹ 1,31,250
D. ₹ 2,62,500
Answer:B
Mr. X has taken a loan of ₹ 15,00,000 on 01.07.2017 @ 10% p.a. and the residential house was completed on 01.05.2019 and was let out w.e.f. 01.06.2019 @ 80,000 p.m. and fair rent of the house is ₹ 90,000 p.m. He repaid half of the loan amount on 01.01.2020. Compute the deduction u/s 24(b) for assessment year 2020-21.
A. 183,750 B. ₹ 1,83,750 C. ₹ 1,31,250 D. ₹ 2,62,500