U/s 24 Housing Loan (Charges)

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154 Points Posted on 27 December 2020
Can one claim housing loan processing fee / file charges paid to bank to take loan u/s 24 with interest
thanks & regards
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On 27 December 2020 at 10:32 Report
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This discussion clarifies whether housing loan processing fees and file charges paid to a bank can be claimed as a deduction under Section 24. The consensus is yes, these fees are considered part of the interest paid on borrowed money as defined by Section 2(28A) of the Income Tax Act, making them tax-deductible.

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Tax consultant
5895 Points Posted on 27 December 2020
Processing fees is tax deductible
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On 27 December 2020 at 12:49
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CA Student
15932 Points Posted on 27 December 2020

YES.

As per S. 2(28A) "interest" means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised.

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On 27 December 2020 at 12:49
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154 Points Posted on 27 December 2020
Thanks
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On 27 December 2020 at 13:18

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