deduction under section 24 of Income Tax Act
This query is : Resolved
10 March 2009
I have paid prepayment penalty of Rs.15000 for shifting my house building loan from a higher interest being housing loan from bank "A" to low interest bearing housing loan from Bank "B'
Please advise:
1. I can treat prepayment penalty as interest for deduction section 24 of I T Act
2 Whether I can claim interest paid to bank A (APril 2008 to June 2008)and B (July 2008 to March 2009)uner I T Act
Please advise:
1. I can treat prepayment penalty as interest for deduction section 24 of I T Act
2 Whether I can claim interest paid to bank A (APril 2008 to June 2008)and B (July 2008 to March 2009)uner I T Act
10 March 2009
Sec 24(b) strictly restricted to interest paid on borrowed capital fr hsg loan & it does not allow the penalty paid for forclouser of hsg loan.
Yes, you can claim interest paid to difference banks for hsg loan.
Yes, you can claim interest paid to difference banks for hsg loan.
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