Is interest only upto Rs.1,50,000/- allowable on housing loan u/s 24 of the Income Tax Act?

Last updated: 23 September 2021
Quick Summary
This Income Tax Appellate Tribunal case clarifies the deductibility of interest on housing loans. The Assessing Officer had restricted the deduction to Rs 1,50,000, but the Tribunal found that once rental income is accepted, the assessee is eligible for statutory deductions plus the full interest paid on the housing loan. Consequently, the Assessing Officer was directed to allow the full claim of Rs 6,58,556.

Court :
ITAT Delhi

Brief :
This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] � 13, New Delhi dated 25.06.2019 pertaining to assessment year 2014-15.

Citation :
ITA No. 7278/DEL/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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Poojitha Raam Vinay
Published in Income Tax
Views : 128
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