Cooperative bank secures deduction u/s 36(1)(viii) for long-term housing finance; no distinction in housing development.

Cooperative bank secures deduction u/s 36(1)(viii) for long-term housing finance; no distinction in housing development. https://www.taxtmi.com/highlights?id=67978 Allowability of deduction u/s 36(1)(viii) - specified entity being the cooperative bank - The term “long term finance” has been defined under clause (h) to mean any loan or advance provided for a period for not less than 5 years. We do not perceive any distinction between term “development of housing in India” and “purchase & construction of housing in India for residential purposes - Claim allowed - AT en-us Tue, 31 Jan 2023 21:30:47 +0530 Tue, 31 Jan 2023 21:30:47 +0530 TaxTMI RSS Generator Cooperative bank secures deduction u/s 36(1)(viii) for long-term housing finance; no distinction in housing development. https://www.taxtmi.com/highlights?id=67978 Allowability of deduction u/s 36(1)(viii) - specified entity being the cooperative bank - The term “long term finance” has been defined under clause (h) to mean any loan or advance provided for a period for not less than 5 years. We do not perceive any distinction between term “development of housing in India” and “purchase & construction of housing in India for residential purposes - Claim allowed - AT Highlights Income Tax Tue, 31 Jan 2023 21:30:47 +0530 https://www.taxtmi.com/highlights?id=67978