22 December 2013
Why interest on loan taken for construction of house Property is allowed as deduction on accrual basis and not payment basis since chance of assessee defaulting on payment of interest is also there?If he defaults in payment of interest then also he will get deduction for the same u/s 24? Isn't it illogical?
22 December 2013
Still as a welfare major, Govt wants to continue it on accrual basis. . As a matter of fact, due to emotional attachment with a home we Indians are very careful. . Due to really a tough financial position, default in Housing Loan Repayment has been observed. But sooner or later the borrower clears the loan. .
CAclubindia
