If a buyer, instead of raising a loan from a third person, enters into an arrangeme with the seller to pay sale price in instalments along with interest due thereon.
Q- interest paid thereon shall b allowed as deduction U/S 24(b) ?
2 Replies
P-A-W-A-N
(TAX - MANAGER AT GURGAON)
(541 Points)
Replied 09 December 2009
Property constructed on commercial site, the purchase price paid in installment with interest, the interest portion of the installment allowed as deduction under sec 24 (CIT V Sunilkumar Sharma (2002) 254ITR103 (p&H).
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