house property
This query is : Resolved
19 January 2008
today i paid rs 8000 as my first emi for the housing loan hich was sanctioned to me on 19/1/2007 for the construction of my house,of which rs 2500 is towards interest,now I would like to know that can I claim this uder the ay 2008/2009.
i.e Rs 2500 u/s 24b & rs 5500 under chapter VI A deductions.please let me know immediately.if not pls suggest me the proper solution.
i.e Rs 2500 u/s 24b & rs 5500 under chapter VI A deductions.please let me know immediately.if not pls suggest me the proper solution.
S.Srinivasaraghavan
(Expert)
20 January 2008
THe interest paid during the year on borrowing made for acquisition of self occupied property(which has not been let out) will be arrived at as loss under the head Income from house property, which, can be set off against income from other heads.
The repayment of iinstalments of the amount borrowed for the above purpose will rank for consideration of deductions u/s 80C, subject to the conditions mentioned therein
The repayment of iinstalments of the amount borrowed for the above purpose will rank for consideration of deductions u/s 80C, subject to the conditions mentioned therein
21 January 2008
YOU HAVE TO OBTAIN A LETTER OR CERTIFICATE FROM YOUR LENDER THAT AS ON 31-03-08, WHAT IS TOTAL INTERST AND PRINCIPAL BREAK UP FOR THE EMIs PAID BY YOU TILL 31-03-08.
OUT OF THE ABOVE TWO COMPONENTS PAID BY YOU , THE INTEREST PORTION CAN BE CLAIMED BY YOU AS A SET OFF AGAINST YOUR OTHER INCOME FOR THE YEAR SAY SALARY INCOME.
THE PRICIPAL REPAYMENTS WILL QUALIFY FOR DEDUCTION UNDER SEC. 80 C UPTO RS. ONE LAKH ALONG WITH OTHER ALLOWABLE DEDUCTIONS LIKE NSC,LIC,TUTION FEES, PPF ETC...
R.V.RAO
OUT OF THE ABOVE TWO COMPONENTS PAID BY YOU , THE INTEREST PORTION CAN BE CLAIMED BY YOU AS A SET OFF AGAINST YOUR OTHER INCOME FOR THE YEAR SAY SALARY INCOME.
THE PRICIPAL REPAYMENTS WILL QUALIFY FOR DEDUCTION UNDER SEC. 80 C UPTO RS. ONE LAKH ALONG WITH OTHER ALLOWABLE DEDUCTIONS LIKE NSC,LIC,TUTION FEES, PPF ETC...
R.V.RAO
26 January 2008
FIRST OF ALL VERY SORRY THAT I FORGOT TO MENTION THAT MY HOUSE IS STILL UNDER CONSTRUCTION.NOW SUGGEST ME THE SOLUTION WITH REFERENCE TO PRE CONSTRUCTION PERIOD INTEREST.
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