DEDUCTION U/S 80 - C - Income Tax [2]

Guest

459730 Points Posted on 24 July 2007

no , you can not claim in the f/year 2006-07 but same may be claimed in the year of payment i.e. f/year 2007-08

Guest

459730 Points Posted on 07 December 2007

If any person taken loan for construction and paying interest and taking deduction from the income from house property of that.If he has taken another loan for paying the old loan then can he claim for deduction of the interest on new loan from the income from house property?

Pushkraj Sathe

Chartered Accountant

203 Points Posted on 08 December 2007

Mr.Duggal I beg to differ with you when you say interest paid for late payment will not be eligible.The wording of the Act is as follows'to effect or to keep in force an insurance on the life of persons specified in sub-section.4......' The interest on late payment is incurred to keep the policy in force,if you do not pay the interest the premium would not be accepted and to keep the policy in force it is imperative that you pay the Premium and for paying the premium late, the condition is that you pay the interest.Hence it is the amount paid 'to keep in force' an insurance.Hence it is allowed.I would certainly come back with a case law on this till then you can put this plea forward to the IT Authorities.