Interest on housing loan

This query is : Resolved

PRASHANTH PAI K (Querist)
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27 November 2014 Interest on housing loan availed, by the Assessee debited by the Bank, but not paid , whether can be claimed as deduction under section 24 of IT Act

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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27 November 2014 It is allowed on due basis
No need to make reference to actual payment of Interest by the assessee

Therefore, Procedure followed by assessee is correct

Amol S Joglekar

Amol S Joglekar (Expert)
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27 November 2014 Sec 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 "interest payable" can be construed as debited by bank but not paid.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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27 November 2014 Yes and the same upheld by many courts in different cases

Rupesh Jain

Rupesh Jain (Expert)
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27 November 2014 u/s 24(b) intt. allowable on due basis, payment is not necessary

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