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Home Loan

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(Querist)
24 June 2011 What would be the treatment of pre-payment penalty imposed by the bank on pre-closure of home loan.
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Kumar Babu.G

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Kumar Babu.G (Expert)
24 June 2011 We have charge it of as an expenditure.We can charge it under the head Bank Charges or we can create separate head also.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
24 June 2011 In case of an individual treat it as interest paid for housing loan taken and claim u/s 24.
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