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of <h1>Interest on House Building Advances Deductible on Accrual Basis for Central Govt Employees u/s 24(1)(vi.</h1> The circular clarifies the deduction of interest on house building advances under section 24(1)(vi) of the Income-tax Act, 1961, for Central Government employees. It specifies that interest on such advances, as per the House Building Advance Rules, is deductible based on accrual rather than actual payment. The interest rates vary depending on the period when the advance was sanctioned, with different rates applied to different amounts. The advance, including interest, must be repaid in monthly installments over a period not exceeding 20 years. Income-tax officers are instructed to apply these guidelines, and pending appeals should favor the assessee.
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