Answer

1. F

   Facts

   For a self-occupied house, interest is deductible up to ₹2,00,000 a year under the old regime. The new regime gives no deduction for a self-occupied house.

2. P

   Provisions and law

   • Sec 24(b), Income-tax Act 1961 (now Sec 22(1)(b))Home loan interest on a self-occupied house is deductible up to ₹2,00,000 under the old regime.
3. A

   Analysis

   With interest of ₹2,80,000, you claim ₹2,00,000; the rest is not deductible for a self-occupied home. Interest during construction is claimed in five equal parts from the year of completion, within the same ₹2,00,000. If the house is let out, the full interest is deductible against rent, with loss set-off capped at ₹2,00,000.

4. C

   Conclusion

   1. 1Get the lender's interest certificate.
   2. 2Check if the house is self-occupied or let out.
   3. 3Claim up to ₹2,00,000 for self-occupied.
   4. 4Add pre-construction interest in five parts if applicable.

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