Section 24 benefit

 sir as per my opinion interest is also accrued after sep 09, there for u can claim this deduction

sir, u can claim amount of interest recovered even though u have taken loan in 2001. this is because u r department has different procedure to recover loan and accordinly interest recovery has started in this financial year. however, maximum deduction is Rs. 1,50,000 per financial year

Hello Kapil and Priyanka.

Thx for your reply. But as I had said in my post -- the Income Tax circular 363 of 1983 is coming in the way. For that matter even till date Section 24 wordings are "interest payable" So the word payable is creating problem for me.

I do remember some clarification from Income tax in this regard but unfortunately I am not able to lay my hands on it.

Help if possible. Thx

 Sir,

       i think you should have claimed it from the beginning...because as there is no principal amount left interest wont accrue on that right..you could have claimed it during earlier years when u repaid principal because the interest would have been accrued on such amount but it was paid only later..

Thx Hareesh.

That is the opinion I am getting from everyone including my Administration.

I just wanted to know whether there is another side to this opinion.

Thx for your inputs.

Ur welcome Krishnan

                                         I asked my dad about this who himself is a central govt emplyee..He himself said the same and said ppl forget this matter and latter claim it when they actually pay the interest lik your doing nw..Many of them get through that too..But u cant claim it as per the act it seems

Thx Hareesh.

Great to hear "many of them get through that too."

Unfortunately I cannot.

Thx once again