Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Income-tax and Corporate Tax Planning Deduction and Collection of tax at source
Under Indian Income Tax Act, in order to claim deduction of interest on home loan for house property, which of the following things need to be taken care of?
(A) The home loan must be used for the purchase/construction of the house property.
(B) The loan must be taken on or after 1st April, 2019.
(C) The amount of loan must be used within 10 days from the date of loan taken.
(D) The purchase or construction must be completed within 5 years from the end of Financial Year in which the loan was taken.
(E) The rate of interest on loan cannot exceed 22%.
Choose the most appropriate answer from the options given below:
1
(A), (B), (D) only
2
(A), (C), (D), (E) only
3
(B), (C), (D), (E) only
4
(A) and (D) only