In govt. organisations, on home loan, principal amount is first deducted from salary and after fully paying principle amount interest thereon is deducted from salary.
my question is whether such interest is eligible for deduction u/s 24 or not?
if yes, plz send notification/ circular/ provision in detail.
Plz reply me gauravbansal00776 @ gmail.com
Dear Gaurav,
Interest on Government house building advances - In the case of house building advance taken by the Central Government servants under the House Building Advance Rules of the Ministry of Works & Housing, deduction under section 24(1)(vi) would be on the basis of accrual of interest which would start running from the date of the drawal of the advance - Circular : No. 363 [F. No. 168/4/82-IT(A-I)], dated 24-6-1983.
Murali and Sumeet Chartered Accountant
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