Section 24
This query is : Resolved
29 July 2015
hello,
need guidance on deduction on home loan interest is available on accrual basis or payment basis.
29 July 2015
The words used in section 24 are 'payable'. Further in the case of CIT Vs Devendra Bros. & Co. (1993) 200 ITR 146 (All.) it was held that even if interest has fallen due for payment and has not been actually paid it can be claimed as deduction u/s 24. So going by this interest is deductible even on accrual basis.
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