interest on loan for house property
This query is : Resolved
17 May 2011
U/s 24 of Income Tax Act 1961 deduction is allowed for Interest for Loan taken for purchase, construction, renovation or improvement of house property. My query is
1.What amount is allowed as deduction:
a) Amount paid during the financial year as interest or
b) Amount payable during the financial year as interest
2.If it is the amount payable then when should the assessee obtain a certificate from the lender of loan? Is it at the begining of the financial year or at the end?
1.What amount is allowed as deduction:
a) Amount paid during the financial year as interest or
b) Amount payable during the financial year as interest
2.If it is the amount payable then when should the assessee obtain a certificate from the lender of loan? Is it at the begining of the financial year or at the end?
17 May 2011
1. b) amount accured during the financial year as interest
2. at the end of year, the assessee has to obtain a certificate from the lender certifying the amount of interest accured.
2. at the end of year, the assessee has to obtain a certificate from the lender certifying the amount of interest accured.
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