Urgent - deduction of interest u/s. 24(b)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2012 Hello!!!!

If 12% is the interest rate of the housing loan taken.

Then 4% will be paid by employee and remaining 8% will be paid by employer which will be taxable as perquisite in the hands of employee.

Now my doubt is this 8% interest paid by employer which is treated as perquisites can be claimed by employee u/s. 24(b) under the head house property.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

06 July 2012 8% Interest (which is paid by employer) will be the taxable perquisite in the hands of employee. Total interest 12% can be claimed u/s.24(b)

For perquisite valuation Interest rate need to refer with SBI lending rates.

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2012 Thank you so much sir!!!!!

Rajni Kant

Rajni Kant (Expert)
Follow

07 July 2012 yes, can be claimed full 12% under 24(2)even if paid only 4% out of total 12% interest, the balance 8% will be considered for perks calculation.