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Interest on home loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 June 2013 CAN YOU TELL ME WHETHER INTEREST DUE OR PAID ON HOME LOAN IS ALLOWED AS DEDUCTION U/S 24 IN IT ACT? HOW TO REPRESENT IT IN CAPITAL A/C OF ASSESSEE?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
20 June 2013 Interest on Housing Loan is allowed as deduction u/s 24. However limit of interest depends upon whether the house is SOP or LOP.

Route the installment paid on housing loan through capital a/c as drawing.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 June 2013 whether interest due or actually paid allowed?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
20 June 2013 It is interest payable whether is actually paid or not
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