Tag Archives: Section 24(b)

Interest paid on loan taken to repay previous loan of Property – deduction alllowed u/s 24(b)

By | March 8, 2017

1.  DCIT Vs. M/s. Patton Developers Pvt. Ltd., I.T.A No. 1043/Kol/2014, Date of Order: 01.03.2017, ITAT- Kolkata Issue: Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961? Held: Yes Brief Facts: The assessee declared… Read More »

Interest on loan taken for House Property not allowed if loan taken after purchase of property

By | January 10, 2016

Summary the property was purchased by the assessee in November, 2005 whereas the loan was taken from ICICI Bank on 31.12.2005. Thus, the loan was taken subsequent to the purchase of the property and cannot be said that the same was utilized for acquiring the property. In such circumstances, the Assessing Officer, the CIT(A) and… Read More »