Home loan
This query is : Resolved
09 February 2010
If i take a home loan for self occupied property for Rs 16 lacs and EMi comes to 16thousand,what is the income tax benefit i will get ,in my salary tax payment
Rahul Gupta
(Expert)
09 February 2010
In the EMI Principle and Interest element are included.
For the principal repayment you can claim the deduction u/s 80C upto a maximum of Rs.1,00,000 and for the Interest part you can claim the deduction from Income from House property upto a maximum of Rs.1,50,000.
For the principal repayment you can claim the deduction u/s 80C upto a maximum of Rs.1,00,000 and for the Interest part you can claim the deduction from Income from House property upto a maximum of Rs.1,50,000.
Bimal Thacker
(Expert)
09 February 2010
Yes, agree with expert.
However I would like to add that interest will be deducted on accrual basis, whether the same has been paid during the year or not, you should have certificate of accrual of interest.
However I would like to add that interest will be deducted on accrual basis, whether the same has been paid during the year or not, you should have certificate of accrual of interest.
CA Prashant Gupta
(Expert)
09 February 2010
agree with experts.
u/s 80C principal deduction upto 100000/-
interest u/s 24 upto 150000/- on accrual basis. But 80C will be on payment basis
u/s 80C principal deduction upto 100000/-
interest u/s 24 upto 150000/- on accrual basis. But 80C will be on payment basis
CMA Ramesh Krishnan
(Expert)
09 February 2010
Agreed with experts
CA Ravi Sisodia
(Expert)
09 February 2010
Agreed...
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Closer of business and itc of capital goods
- Capital gain on commercial property and investment in residential property
- Movement of goods by packers and movers - type of sale - Reg.
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
