Deduction of interest paid on house loan.
This query is : Resolved
06 January 2012
Sir
My client has paid 1,60,891.00 Rs. as interest on self occupied home loan and i have opted sec 44AD. for return filling so pls tell me how many deduction i can claim in this respect and where i can show deduction amount in form ITR4S.
Thanking You
Sunny Chauhan
My client has paid 1,60,891.00 Rs. as interest on self occupied home loan and i have opted sec 44AD. for return filling so pls tell me how many deduction i can claim in this respect and where i can show deduction amount in form ITR4S.
Thanking You
Sunny Chauhan
06 January 2012
Interest on housing loan is allowed as deduction from Income from House Property.
Since, the house is self oocupied, the income shall be NIL.
Deduction of interest paid shall be allowed from this NIL income and there will be loss under the head house property.
However, since the house is self occupied, interest shall be allowed only to the extent of Rs. 1,50,000/-
Since, the house is self oocupied, the income shall be NIL.
Deduction of interest paid shall be allowed from this NIL income and there will be loss under the head house property.
However, since the house is self occupied, interest shall be allowed only to the extent of Rs. 1,50,000/-
CA ASHISH GUPTA
(Expert)
06 January 2012
Mr. siddhartha is correct...but i didnot understand why you are mentioning section 44AD?
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