15 January 2016
Hi Sir, If i had taken a loan of Rs 3,75000 in year 2007 , when i started paying installments around November 2012 amount became around 5.7 Lakhs(Capital+Interest).I kept on paying installments of Rs 10700 every month afterwards(Interest of Rs 5000+ keep adding to loan amount) .In year 2015 I paid around 5 Lakh and closed the account , I want to take tax benefit for year 2015 . How much tax benefit I can claim in year 2015 1)Only the Interest amount added to Loan Account in this year OR 2)I can claim more as i paid all interest amount that is mounting over the years to loan account.
CAclubindia
