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Tax on interest on home loan money
I booked an apartment and took loan for same amount. Builder never handed possession and consumer court asked him to refund entire amount with 10% interest and some compensation. Do I need to pay tax on entire amount or I can deduct interest payed to bank. I never took tax benefit on interest payed to bank as possession is not given to me.
Replies (7)
Prima facie you can deduct interest paid to bank from the interest amount received from builder.
Sir as a student of income tax
May I know which provision of ACT speaks about this
May I know which provision of ACT speaks about this
Here, the assessee has only received the principal sum along with interest, as directed by the court and, accordingly, the interest amount is taxable under head 'income from other sources'.
Refer: https://indiankanoon.org/doc/132974103/
thanks sir
My Pleasure
thanks sir
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