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Housing loan interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 January 2013 Dear sir/madam,

i am working with government. i have taken housing loan from sbi..

how much interest i have to show in income tax returns whether the interest rate they charge on housing loan or the interest amount which includes in monthly emi.

regards,

vijay
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 January 2013 You can claim the interest payable during the previous year on accrual basis irrespective of the fact whether your last 2-3 emis are still pending.
.
You have not to claim on the fixed rate of interest as your interest reduces as you pay certain principal amount also in an emi.
.
If your EMIs are regularly paid -take the interest amount included in EMI.
.
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