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Interest on housing loan

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(Querist)
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
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
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
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Amol S Joglekar

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Amol S Joglekar (Expert)
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.
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CA Kumar Mukesh

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

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