whether principle amount paid or not, as long as interest is credited by party (bank or any other person) to ur HOUSIN LOAN a/c, it can be claimed as deduction u/s 24(b).
Deduction of Interest U/s 24(b) of IT Act
Page no : 2
Suresh
(Service)
(91 Points)
Replied 17 December 2009
hi, Interest u/s 24(b) towards interest on housing loan is allowed since you have incurred the expenditure towards the interest. Though you are not repaid principal there is no reason for IT to deny your exemption.
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 17 December 2009
yea..sec 24b is on accrued basis..not paid
Bharat Khurana
(Student)
(153 Points)
Replied 19 December 2009
yes, deduction u/s 24(b) is available in respect of interest payment on housing loan so deduction shall be available irrespective of the fact that no principal has been repaid
Yeshwanth
(Chartered Accountant)
(145 Points)
Replied 25 December 2009
Yes, interest under section 24(b) can be claimed on payment or accrual basis.
manjari
(Article )
(56 Points)
Replied 25 December 2009
ofcourse u can claim deduction of int. u/s 24(b). waise be it could b claimed on accrual basis also. so just ejoy ur deduction
CA Kanveer Singh Dhingra
(Merchant Banker)
(193 Points)
Replied 26 December 2009
Yeah all are right..deduction will be available to you
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