24(b) interest deduction include penal interest
Ajnas (Student) (844 Points)
16 July 2020
24(b) interest deduction include penal interest?
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 16 July 2020
As per my view.,
No... Penal interest and penalties can't be avail in sec 24(b)...
Wait on others view...
No... Penal interest and penalties can't be avail in sec 24(b)...
Wait on others view...
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
No, interest in nature of penalty or penal interest is not allowed as deduction
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