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10 February 2013
Sir i hv taken loan of 10 lac in aug 11 from sbbj at rate 11.75 for 15 yr to purchase a house.
I have paid six inst. Of 12000 till march 12.
Sir bank hv debited my loan account 73046 as interest n 6000 prossesing fees n 5442.56 as fine arr adustment for late instalments.
Sir i hv taken interst certificate frm bank which says interset debited during the year 78488.56 and break up towards repayment towards principal 0.00 n interst 66000 n towards charges 6000.
Plz tell me for income tax purpose how much amount is interest n principal
I have paid six inst. Of 12000 till march 12.
Sir bank hv debited my loan account 73046 as interest n 6000 prossesing fees n 5442.56 as fine arr adustment for late instalments.
Sir i hv taken interst certificate frm bank which says interset debited during the year 78488.56 and break up towards repayment towards principal 0.00 n interst 66000 n towards charges 6000.
Plz tell me for income tax purpose how much amount is interest n principal
CA PARAS BAFNA
(Expert)
10 February 2013
For income tax purpose the amount mentioned in the certificate has to be taken as to be claimed towards interest (66000) and principal (0).
.
.
CA.Sourabh Sethia
(Expert)
11 February 2013
Mr Ashok i want to correct Paras Sir
the interest amount allowable for deduction in the computation in the Income from house property section is Rs.73046/- accrued amount
because as per the provision it is that where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the deduction allowed is amount of any INTEREST PAYABLE on such capital
and for the principal since as per the certificate you have not paid any amount you will not get any deduction U/s 80C because the deduction is available on payment basis U/s.80C
the interest amount allowable for deduction in the computation in the Income from house property section is Rs.73046/- accrued amount
because as per the provision it is that where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the deduction allowed is amount of any INTEREST PAYABLE on such capital
and for the principal since as per the certificate you have not paid any amount you will not get any deduction U/s 80C because the deduction is available on payment basis U/s.80C
12 February 2013
Sir till confused if sethia sir right then what about interest cerficate 66000 amount.
If paras sir right then what about my acount statement 73046 amt which they hv debited in my ac.
If paras sir right then what about my acount statement 73046 amt which they hv debited in my ac.
CA.Sourabh Sethia
(Expert)
13 February 2013
please go to link
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=75b4aeaf-f25e-41bd-a339-aa1788291347&rdb=sec&yr=a56ea192-3ca8-433a-a515-ed68a062eac7&sec=24&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
The statement is being given by the bank for 80C purpose
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=75b4aeaf-f25e-41bd-a339-aa1788291347&rdb=sec&yr=a56ea192-3ca8-433a-a515-ed68a062eac7&sec=24&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
The statement is being given by the bank for 80C purpose
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