Enquiry for itr 1
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2014
A person has taken Home Loan, paying EMI, CAN I show total emi amount in 80C,
loan is 810000, total emi is 74000/-
loan has taken in January 2013 so Sec 80EE is not applicable, please suggest
loan is 810000, total emi is 74000/-
loan has taken in January 2013 so Sec 80EE is not applicable, please suggest
Sandeep Dharar
(Expert)
03 July 2014
U can show the EMI(Principal excluding interest) amount in 80C. But the maximum deduction allowed under that section is 1L. Interest can b claimed u/s 24B in Income from House Property.
Ganeshbabu K
(Expert)
03 July 2014
No, cannot
.
.
EMI payment includes principle repayment and also interest payment
.
.
Hence
.
1)Under 80C take total principal repayment done during relevant financial year
2)Total interest paid is to be claimed under section 24b which will be available in INCOME from houseproperty sheet
.
.
3)80EE available only if loan was sanctioned during 1st april 2013 to 31.03.2014
.
.
EMI payment includes principle repayment and also interest payment
.
.
Hence
.
1)Under 80C take total principal repayment done during relevant financial year
2)Total interest paid is to be claimed under section 24b which will be available in INCOME from houseproperty sheet
.
.
3)80EE available only if loan was sanctioned during 1st april 2013 to 31.03.2014
Rupesh Jain
(Expert)
03 July 2014
you have bifurcate the principle and intt.
for that you can take interest certificate from bank.
rs. 150000/- for intt u/s 24(b) and Rs. 100000/- u/s 80EE you can claim if your loan amount upto Rs. 2500000/- and property residential value up to Rs. 40 lacs.
and principle upto Rs. 1 lacs you can claim u/s 80C
for that you can take interest certificate from bank.
rs. 150000/- for intt u/s 24(b) and Rs. 100000/- u/s 80EE you can claim if your loan amount upto Rs. 2500000/- and property residential value up to Rs. 40 lacs.
and principle upto Rs. 1 lacs you can claim u/s 80C
03 July 2014
You will first have to bifurcated the interest and principal portion... Show interest portion under loss from house property.. Principal will be allowed under section 80c subject to max limit of 100000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
