Interest on housing loan used for advancing loans can be claimed against Interest Income

Smt. Anuradha Agarwal Vs ITO (ITAT Jodhpur) In all these appeals, the common issue involved is against confirming the disallowance on interest payment claimed U/s 57 of the Act. In this regard, the brief facts of the case are that the assessee has taken the one time loan from State Bank of India – Bhilwara on account of House Loan for house construction and concerned bank have charged and levied the interest amount of Rs 695008/-, however, the assessee has claimed the said interest as deduction U/s 57 of the Income Tax Act 1961 against interest income of Rs 8629517-which was received fro...