Interest on house building advance-Deduction under section 24(1)(vi) of the Income-tax Act, 1961-Clarification regarding

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....sp;         All Commissioners of Income-tax Sir, Subject:  Interest on house building advance-Deduction under section 24(1)(vi) of the Income-tax Act, 1961-Clarification regarding. I am directed to say that the Board has considered the question whether interest on house building advance taken by the Central Government servants under the House B....

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.... of interest on advances sanctioned on or after August, 1975:-             (i) 61/2% per annum for the first Rs. 25,000;             (ii) 8% per annum for the next Rs. 25,000, viz., Rs. 25,001 to Rs. 50,000;             (iii) ....

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....lments and then interest is recovered in not more than 60 instalments. 4. Under section 24(1)(vi) of the Income-tax Act, 1961, where property has been acquired or constructed with borrowed capital, a deduction in respect of the amount of interest payable on such capital is allowed in computing the income from house property. Since the work used is "payable", deduction under section 24(1)(vi) wo....