HOME LOAN INTEREST

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ramesh (Querist)
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05 July 2011 DURING 2010-11, I HAVE PAID Rs. 57161 AND Rs. 55889 TOWARDS HOME LOAN PRINCIPAL & HOME LOAN INTEREST RESPECTIVELY. IN ADDITION, THERE IS HOME LOAN ACCRUED INTEREST OF Rs. 13361 FOR THE PERIOD 1.3.2011 TO 31.3.2011. SBI HAS ISSUED CERTIFICATE FOR Rs. 69250 TOWARDS INTEREST BUT IN RESPECT OF PRINCIPAL COMPONENT ISSUED CERTIFICATE FOR ONLY Rs. 43800/- SAYING THAT TOTAL EMI AMOUNT PAID BY ME WAS Rs. 113050 AND AFTER DEDUCTING INTEREST OF Rs. 69250, THE PRINCIPAL COMPONENT WAS ONLY Rs. 43800. KINDLY CLARIFY WHETHER THE STAND OF THE BANK IS CORRECT?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 July 2011 this based on the home loan agreement made with banker,please refer the loan agreement with proper consultant

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 July 2011 It is not going to have any negative impact on your tax computation.

The Bankers are business persons and will recover interest first so as to show their income as not only accrued but received.

You are concerned with the deduction of Rs 113050/ and that all is available to you.

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