deduction u/s 24(b.
This query is : Resolved
Chintan Vasa
(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.
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.
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
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.
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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