Tuesday, August 16, 2016

Prepayment charges on home loans are deductible as 'interest' under Sec. 24(b)

ITAT Mumbai bench held that prepayment charges and processing fee made for purpose of availing loan at lower interest cost are allowable under section 24(b). Peepul Tree Properties (P.) Ltd. v. Assistant Commissioner of Income tax. [2016] 71 taxmann.com 332

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