Rahul started construction of house on 1.11.2019. He raised loan of ₹ 10,00,000 at 12% on the same date. He took further loan on 1.10.2020 for ₹ 12,00,000 at same rate of interest. Calculate the amount allowable as deduction u/s 24 of the Income-tax Act, 1961, if construction was completed by 31.3.2021
A. ₹ 2,02,000
B. ₹ 1,92,000
C. ₹ 2,42,000
D. ₹ 2,00,000
Answer:D
Rahul started construction of house on 1.11.2019. He raised loan of ₹ 10,00,000 at 12% on the same date. He took further loan on 1.10.2020 for ₹ 12,00,000 at same rate of interest. Calculate the amount allowable as deduction u/s 24 of the Income-tax Act, 1961, if construction was completed by 31.3.2021
A. ₹ 2,02,000 B. ₹ 1,92,000 C. ₹ 2,42,000 D. ₹ 2,00,000