Case Law Details
Case Name : Subha Singhvi Vs ACIT (ITAT Delhi)
Appeal Number : I.T.A .No.691/Del/2014
Date of Judgement/Order : 19/06/2015
Related Assessment Year : 2008-2009
Courts :
All ITAT ITAT Delhi
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Brief Facts:
1. The assessee is an individual, who earned rental income from certain properties and claimed deduction for interest on loan paid by the assessee as interest u/s 24(b)of the Income Tax Act, 1961.
2. The A.O., on perusal of interest certificate given by the bank, noticed that out the total interest of Rs. 29,89,223/-, an amount of Rs. 4,30,008/- was paid by the assessee as foreclosure charges on prepayment of loan to the Bank.
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I had taken Home loan & enjoying IT benefits.I also taken Mortgage Loan from same bank.
Please clarify whether both loan are eligible for be deduction for interest u/s 24(b)of the Income Tax Act, 1961.