Interest deduction under section 24
This query is : Resolved
10 March 2009
I have paid RS 15000 towards prepayment penalty for shifting (June 2008)house building loan from one bank to another. Please advise:
(1) Whether prepayment penalty can be treated as interest and allowed deduction under section 24 of I T Act.
(2)Can I Claim deduction under section 24 of I T Act towards interest paid to my earlier bank upto May 2008
(2)Can I Claim deduction under section 24 of I T Act towards interest paid to my latter bank upto June 2008 to March 2009
(1) Whether prepayment penalty can be treated as interest and allowed deduction under section 24 of I T Act.
(2)Can I Claim deduction under section 24 of I T Act towards interest paid to my earlier bank upto May 2008
(2)Can I Claim deduction under section 24 of I T Act towards interest paid to my latter bank upto June 2008 to March 2009
CA. MITHUN KHATRY
(Expert)
10 March 2009
1. no
2. yes
3. yes
2. yes
3. yes
K V Subba Rao
(Expert)
23 January 2010
Please check the following link:
https://www.apnaloan.com/home-loan-india/taxbenefitsonpreclosurecharges.html
https://www.apnaloan.com/home-loan-india/taxbenefitsonpreclosurecharges.html
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