Loan Interest Deduction u/s 48 of Income Tax Valid Despite Prior Claim u/s 24(b), Amendment to S. 48 Effective from AY 2024-25: ITAT [Read Order]
ITAT confirms loan interest deduction under Section 48 of income tax is valid despite a prior claim under Section 24(b), an amendment to Section 48 applied from AY 2024-25
By Kavi Priya - On November 29, 2024 1:45 pm - 3 mins read
The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed that taxpayers can claim loan interest deductions under Section 48 of the Income Tax Act even if they have already claimed similar deductions under Section 24(b). The tribunal clarified that amendments to Section 48 will apply only from Assessment Year (AY) 2024-25…
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