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claiming deduction on unpaid housing loan and its interest

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Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2011 sir,
plz tell me regarding provision of claming deduction of housing loan repayment and its interest.
can we claim this deducion of housing loan repayment and interest on unpaid amount i.e. on accrued amount.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 March 2011 Accrued Interest can only be claimed.
As you have not made payment, question of repayment as such not arises.

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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11 March 2011 Hi,

If you have not paid the housing loan (Principal part), it cannot be termed as repayment, as Dedcution is given only on repayment basis of Principal amount,
However in the case of Interest, the same view is not applicable as interest can be claimed on Accrual basis U/Sec 24.

Thank you,

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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