Dear Shrikant,

      Its on accrual basis only, coz in sec.24 it s specified that deduction shall be given on the amount payable. Had there been an intention to allow the same on cash basis, an explicit condition would have been given (As in the case of Municipal Taxes paid by the owner)

Deduction u/s 24 will be allowed on accrual basis.

on accrual basis irrespective of the actual amount paid for interest.

Allowed on accrual basis

yes the interest on housing loan is allowed deduction on receipt basis

Yes, interest on housing loan will be allowed on accrual basis.

Allowed on accrual basis

ACCRUAL BASIS