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of <h1>Interest on loans taken to repay original property loans is deductible u/s 24(1)(vi) of the Income Tax Act.</h1> Interest on a fresh loan taken to repay an original loan for acquiring, constructing, or repairing property can be deducted under Section 24(1)(vi) of the Income Tax Act. The Board has clarified that if the second loan is genuinely used to repay the original loan, and this is satisfactorily demonstrated to the Income-tax Officer, the interest on the second loan qualifies for deduction. This decision ensures that taxpayers can claim interest deductions on subsequent loans used for the same purpose as the initial loan.
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