Suppose Mr. A is an individual who took loan from a bank to purchase a house property from a builder. A paid the amount to builder but builder cancelled the sale. A charged penalty from the builder.
This income is chargeable under the head other sources. Now my query is whether interest on loan will be allowed as a deduction from penalty income??
Penalty on unpaid interest shall not allowed as Deduction
the Deduction is allowed to the nature of loan whether it is your personal or housing or for other from Bank or from other
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