an urgent query

This query is : Resolved

krina (Querist)
Follow

08 February 2013 An Assesse is A director On TWO of Companies having Interest on Housing Loan of Rs. 1,00,000 ,

I.e he can Claim Deduction U\S 24 now my Query for Computation of Advance tax liablity Individually in for each company

How Do we take the interest Of Housing Loan Can we take Proportionalty or Take On Some other BASIS

Thanks A lot in advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

08 February 2013 You have to calculate TDS liability.
.
Consider the interest in any one company.
.
TDS in both the company should be deducted in such a manner that total TDS amount satisfies his overall tax liability.
.
In one company you may have to forget the basic exemption limit and apply the higher tax slab rates also.
.

krina

krina (Querist)
Follow

08 February 2013 Thanks a lot sir ..
One more thing can we Take Deduction u/s 24 proportionality ??

Thanksss alot..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

08 February 2013 It is better to consider in one company so that its verification becomes easier.
.
There is no change in overall tax liability so, unless it's not necessary to do so, it should be avoided.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now