Interest on dlop and sop
This query is : Resolved
05 April 2014
interest on loan deductible u/s 24b is allowed on paid basis or accrual basis?
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...
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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