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deduction u/s 24(b.

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(Querist)
12 March 2009 interest on housing loan is available as deduction u/s 24(b.
now if the loan a/c in a bank is transfered to another bank than is the interest payment allowed as deduction?
i think its allowable as in the section there is no restriction on transfer of loan a/c however i need your views on this.
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
12 March 2009 if loan is transferred to another bank for the same loan it is allowable u/s 24(b) of the said act
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Ravikumar.G

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Ravikumar.G (Expert)
12 March 2009 You can transfer it which can be claimed as deduction. If the principal repaid if any in advance which is also claimable u/s 80c if it is self occupied.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
12 March 2009 Your thinking is correct but do remember that new bank A/c can be shown in Income Tax, i.e. should not be a case of Black Money
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