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Hosing loan deduction

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Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2017 An Individual has taken loan from his employer for purchase of house. But the employer is a Proprietorship or Partnership firm. Can deduction for repayment of loan be availed under section 80C.

The major part of the salary income is gone in repayment of the housing loan taken from employer. how can the individual benefit from this...?

Pls help to compute the taxable income

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

11 January 2017 Not eligible for 80C since employer is individual / partnership firm.

CA Suresh Jain

CA Suresh Jain (Expert)

11 January 2017 Section 24 (b) provides for deduction of the interest paid where the property has been acquired, constructed, repaired, renewed
or reconstructed with borrowed capital . The loan may be taken from any where, the purpose should be Construction or Purchase of House property

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