Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Double claim of Interest Paid on Capital Borrowed for purchase ...

Notes     Income Tax

February 3, 2023

Double claim of Interest Paid on Capital Borrowed for purchase of Property - Ist U/s 24 under House Property income, 2nd deductions under chapter VI-A and 3rd u/s 48 as part of cost of acquisition - Amendments proposed to allow only one benefit as per the choice of the assessee.

View Source

 


 

You may also like:

  1. Assessee had claimed loss under the head income from house property’ by claiming deduction u/s 24(b) of the Act in respect of interest paid for purchase of house...

  2. Standard deduction and interest paid on housing loan - Once the income is assessable under the head house property, consequent deductions being standard deduction u/s...

  3. House property - Disallowance of interest claimed on second loan u/s.24(b) - Applicability of DBDT circular - Ld. CIT(A) recorded categorical findings that the assessee...

  4. Computation of income from house property - deduction of interest on subsequent loan which was borrowed to repay earlier loan - The proviso only carves out an exception...

  5. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

  6. Revision u/s 263 - Claim of interest against rental income - Proof of availing loan for acquisition or construction of property - the proviso contained in section 24(b)...

  7. Rental income - Deduction for interest on borrowed funds u/s 24(b) - the assessee may have purchased the property out of borrowed funds, but the onus is upon the...

  8. Addition on the account of Section 24 v/s business head u/s 37 - interest paid on housing loan - The ITAT upheld the CIT(A)'s decision, stating that if the interest is...

  9. The case pertains to the determination of the date of "purchase" for claiming deduction u/s 54F of the Income Tax Act. The issue revolves around whether the assessee has...

  10. Disallowance of interest on borrowed capital u/s 24(b) - whether property should be let out for claiming deduction of interest? - the assessee’s claim has no tenability...

  11. Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

  12. Interest on housing loan u/s 24 - The use of the word "or" in between acquired and constructed makes it clear that the property can either be acquired or constructed...

  13. Computation of capital Gain - Cost of acquisition - inclusion of Interest cost - Interest cost was claimed as deduction u/s 24(b) from Income from House Property (self...

  14. Deduction of interest from rental income - loan was taken for the purpose of construction of house property - looking to the fact that the assessee took a housing loan...

  15. Interest paid on borrowed capital utilized for construction of house property - interest payable to sundry creditors, who supplied material for construction of the...

 

Quick Updates:Latest Updates