Interest deduction on house-building advance accrues from date of drawal, allowing deduction on accrual basis under income-tax rules. Interest on house building advances to Central Government servants is deductible for income from house property on an accrual basis from the date of drawal; the annual accrual is calculated under rule 6 on balances outstanding on the last day of each month. Repayment under rule 8A(a) recovers principal first (up to 180 instalments) and then interest (up to 60 instalments).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest deduction on house-building advance accrues from date of drawal, allowing deduction on accrual basis under income-tax rules.
Interest on house building advances to Central Government servants is deductible for income from house property on an accrual basis from the date of drawal; the annual accrual is calculated under rule 6 on balances outstanding on the last day of each month. Repayment under rule 8A(a) recovers principal first (up to 180 instalments) and then interest (up to 60 instalments).
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
