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.
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
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.
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.
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.
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
CAclubindia
