Housing loan interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2012
Can a employer give the exemption to his employee of interest on Housing Loan for 2 property including one of them is Self Occupied Property while computing the total income for the year?
VIVEK SHARMA
(Expert)
20 April 2012
As for Section 24 deduction, on your self occupied house you can take advantage of interest payments up to Rs.1,50,000. For the other property, you can claim actual interest repaid, there is no limit for the same.
Please remember that the second house will be deemed have rental income and interest will be adjusted against that.
Please remember that the second house will be deemed have rental income and interest will be adjusted against that.
CA Kishore Tallam
(Expert)
20 April 2012
As per Sec 192, an employee can give declaration to employer relating to his income from house property based on which the employer will deduct TDS.
As explained by expert, if u have more than 1 HP, u need to declare which one is SO and which one is LO and DLOP.
As explained by expert, if u have more than 1 HP, u need to declare which one is SO and which one is LO and DLOP.
20 April 2012
The experts are correct and I agree with them
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Capital gains in IT returns
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- TDS- 2026-27 Q1 Correction
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Advances to related party
- Applicability of tax on invoice
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
