Exemption of interest on borrowed capital for housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2012
Dear experts,
Salaried employee was occupied a ready to occupy house, he was avail a housing loan from LIC. The date of possession of the house is before the date of loan taken, that means, purchase of house by hand loans from friends, after that he get the loan from LIC and paid to friends. These are occur in same financial year. Please let me know the consequences regarding exemption of interest and repayment of housing loan.
Salaried employee was occupied a ready to occupy house, he was avail a housing loan from LIC. The date of possession of the house is before the date of loan taken, that means, purchase of house by hand loans from friends, after that he get the loan from LIC and paid to friends. These are occur in same financial year. Please let me know the consequences regarding exemption of interest and repayment of housing loan.
20 May 2012
Yes, you avail benefit of Interest on Housing loan exemption under section 24(b) and repayment amount deduction under section 80C.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
20 May 2012
the amount of interest benefit will be limited to rs 1.5 lacs if it is only house of assessee.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
