banner_ad

Exemption u/s 24 of Interest charged by Builder on delayed EMI payment

Tax queries 227 views 1 replies

I booked the flat on construction linked EMI plan in 2011 and got the possession in 2017. However builder charged me Interest on delayed payment of EMI. Please suggest If I can claim this interest u/s 24 of the income tax act. For example, if the interest is Rs 100, Can I claim 1/5th of the same Rs 20.00 in next 5 financial years after possession u/s 24 or other section of the IT Act.

Please suggest along with IT rulings and case study in such cases.

 

Replies (1)

No. Being penalty charged by builder, same cannot be claimed as interest deductible u/s. 24(b) of the act.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details