19 July 2009
a individual was taken housing loan from bank. According to Loan scheme, any payment made by individual, firstly adjusted to principal amount only, interest is continous charge but not recover due to scheme stipulation. whether individual can claim both interest (Due Basis)and principal amount (Payment Basis or not.
19 July 2009
For claiming 24(b) deduction it is immaterial whether the interest has been actually paid or not during the year. Pl refer CBDT Circular No.363 dated 24/6/1983. 80C deduction is on payment basis.
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