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house property

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(Querist)
14 December 2010 penlty interest paid on housing loan can be claimed as deduction or not????
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
14 December 2010 No deduction will not be allowed.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
14 December 2010 Interest on overdue interest is not deductible - What the assessee is entitled to deduct is the interest payable by him on the capital charge and not the additional interest which because of his failure to pay the interest on the due date is considered as a part of the loan - Shew Kissen Bhatter v. CIT [1973] 89 ITR 61 (SC).

So not allowable.
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