CA Rajdeepsinh Kanchava (Senior accountant at KPO) (736 Points)
25 June 2013Hello There,
Greetings of the Day to all the CCI Members.
I am having a querry with regard to the deduction of interest u/s 24(b).
Our client had taken a housing loan. 50% of the interest in respect of this loan is directly paid by the BANK which is taxable a perquisite.Now 50% of the interest is paid by the client.
So what is the amount that is allowable as deduction under section 24(b).100% interest or 50% interest i. e. paid by the CLIENT?
Tanx in advance.
PLZ Help me.
CA Momin Owais Ahmed
(Audit Manager)
(154 Points)
Replied 25 June 2013
Total 100% Interest is allowed as deduction subject to limits under Section 24(b)
50% paid by Bank is included in his Salary income hence it is indirectly paid by Assessee himself
CA Rajdeepsinh Kanchava
(Senior accountant at KPO)
(736 Points)
Replied 25 June 2013
Thank you soo much for the prompt reply.It would be great helpful if you could provide some referance if any , in any book in respect of the same.
CAclubindia
