Deduction for home loan
This query is : Resolved
06 March 2013
home Loan deduction is available to owner only.Whether it is provided on the power of attorney basis or not.
CA Sripal Jain
(Expert)
06 March 2013
Hi,
As per sale deed and EC document ,one can claim exemption (Owner).
As per sale deed and EC document ,one can claim exemption (Owner).
CA Parth Shah
(Expert)
06 March 2013
One has not be a Registered Owner for claiming deduction. Yet the word should be interpreted carefully. If owner is not registered owner, here in this case owner by power of attorney and taken home loan and paying back in installments, he is entitled for deduction.
Santosh Mishra
(Expert)
06 March 2013
As per section 27(iiia), person would be deemed as "person in possession of a Property" and is entitled for deduction.
CA Sripal Jain
(Expert)
08 March 2013
its nice to have theoretical knowdlge,but in companies normally they check the bank statement,sale deed .so better to take this as protection and u will be safe.or else u may have to file seperately in your return and claim deduction
Santosh Mishra
(Expert)
08 March 2013
Hi
As per CBDT Guidelines Company can ask employee to provide “provisional certificate” from lending bank only and to prove possession of property, employees can submit any other documents like electricity, telephone or water bill.
As per CBDT Guidelines Company can ask employee to provide “provisional certificate” from lending bank only and to prove possession of property, employees can submit any other documents like electricity, telephone or water bill.
CA Ayush Agarwal
(Expert)
08 March 2013
Modifying My Views:-
Mr. Parth and Mr. Santosh Whatever Told is Correct.
Mr. Parth and Mr. Santosh Whatever Told is Correct.
Santosh Mishra
(Expert)
08 March 2013
Thanks.
But how one person can provide bank statement if he has not paid any home loan EMI during the financial year?
But how one person can provide bank statement if he has not paid any home loan EMI during the financial year?
CA Ayush Agarwal
(Expert)
08 March 2013
Dear Santosh,
I have Modified My Views, I Searched for This Issue for Any case law regarding This. But Didnt Get as Much.
I have Modified My Views, I Searched for This Issue for Any case law regarding This. But Didnt Get as Much.
Santosh Mishra
(Expert)
08 March 2013
Thanks Ayush! But I hope you caught the spot why I asked this question
CA Ayush Agarwal
(Expert)
09 March 2013
Yeah, and Now Confirmed Also.
CA Sripal Jain
(Expert)
11 March 2013
Normally banks gives statement regarding principle repayment and interest (also if you dont pay EMI for whole year -you cant claim deduction )accrued ,please go to bank and confirm the thing ,rather speaking about technicality.the idea behind giving answer is to be sure about the deduction claimed and having enough proofs.
Santosh Mishra
(Expert)
11 March 2013
Mr Sripal
It is immaterial whether the interest has actually been paid during the year or not. One can claim exemption on accrual basis even interest has not been paid by him.
You only were saying that companies need bank statements. So how one can provide bank statement in this case.
It is immaterial whether the interest has actually been paid during the year or not. One can claim exemption on accrual basis even interest has not been paid by him.
You only were saying that companies need bank statements. So how one can provide bank statement in this case.
CA Sripal Jain
(Expert)
13 March 2013
i guess EMIs are normally computed in advance and a statement at the year beginning is given,this is what practically bank does,kindly confirm with bank thts wht i mentioned u before,without bank statement (here its refers to certification statement certifying loan repayment and interest accrued) needs to be produced by an individual before claiming exemption.
Kindly correct me if its wrong
Kindly correct me if its wrong
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