The construction of a house was completed on 31st January, 2020. The owner of the house took a loan of 7 20,00,000 @ 6% p.a. on 01st May, 2020. In this case 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, 2020. The owner of the house took a loan of 7 20,00,000 @ 6% p.a. on 01st May, 2020. In this case 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