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Interest on dlop and sop

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(Querist)
05 April 2014 interest on loan deductible u/s 24b is allowed on paid basis or accrual basis?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 April 2014 on accrual basis only.

please refer to section 24(B):

"where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital....."

the word used is payable instead of paid...
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