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.
3. The AO did not allow deduction for this sum in the computation of income under the head ‘Income from house property.’
4. The ld. CIT(A) affirmed the view taken by the AO.
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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.