Housing loan interest

This query is : Resolved

Querist : Anonymous

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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
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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.
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If your EMIs are regularly paid -take the interest amount included in EMI.
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