24(b) interest deduction include penal interest
Ajnas (Student) (844 Points)
16 July 2020
24(b) interest deduction include penal interest?
RAJA P M
("Do the Right Thing...!!!")
(128004 Points)
Replied 16 July 2020
CA Payal Gupta
(Chartered Accountant)
(154 Points)
Replied 16 July 2020
Dear Ajnas,
Referring to your query, please note that the Section 24(b) of Income Tax Act, states the deduction of Interest paid or payable on Borrowed Capital taken for the purpose of acquisition, construction, repairing, re-construction of the house property shall be allowed from the Income from House Property.
But No penal Interest is allowed for deduction under this section.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 18 July 2020
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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