Interest on housing loan
This query is : Resolved
27 November 2014
Interest on housing loan availed, by the Assessee debited by the Bank, but not paid , whether can be claimed as deduction under section 24 of IT Act
27 November 2014
It is allowed on due basis
No need to make reference to actual payment of Interest by the assessee
Therefore, Procedure followed by assessee is correct
No need to make reference to actual payment of Interest by the assessee
Therefore, Procedure followed by assessee is correct
27 November 2014
Sec 24(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:
The word used "interest payable" can be construed as debited by bank but not paid.
The word used "interest payable" can be construed as debited by bank but not paid.
27 November 2014
Yes and the same upheld by many courts in different cases
27 November 2014
u/s 24(b) intt. allowable on due basis, payment is not necessary
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