How to take benifit from Housing Loan ?
This query is : Resolved
29 April 2008
How to take the benefit in case of Hosing loan ?
1. when we are paying yearly Instalment of Rs. 2,40,000/- ( is it whole exempted under sec 80C )
2. The interest is rs. 125000/- yearly. Is it exempted as a whole amount ?
How to take the expemption ? pl explain ...
1. when we are paying yearly Instalment of Rs. 2,40,000/- ( is it whole exempted under sec 80C )
2. The interest is rs. 125000/- yearly. Is it exempted as a whole amount ?
How to take the expemption ? pl explain ...
29 April 2008
Hello Mr.Ganesh
The exemption of principal component is allowed in section 80C upto Rs 100000 only, u cannot take exemption of Rs 240000
So far as interest component is concerned,
It is allowed u/s 24(b) upto Rs 150000. only in case where u took loan after 1.04.1999 and have completed the construction with in 3 years or purchase house with in 3 years of date of taking loan.
In case of any other clarification feel free to write me
CA Sandeep Aggarwal
The exemption of principal component is allowed in section 80C upto Rs 100000 only, u cannot take exemption of Rs 240000
So far as interest component is concerned,
It is allowed u/s 24(b) upto Rs 150000. only in case where u took loan after 1.04.1999 and have completed the construction with in 3 years or purchase house with in 3 years of date of taking loan.
In case of any other clarification feel free to write me
CA Sandeep Aggarwal
11 July 2012
repayment of principal (u/s 80c total limit 1,00,000/-)- 100000
and As per Sec 24(b) of the Income Tax Act, 1961 in India a deduction up to Rs. 150,000 can be claimed as tax exemption on housing loan. This deduction is claimed towards the total interest that we pay on the home loan towards purchase or construction of house property while computing the income from house property.
and As per Sec 24(b) of the Income Tax Act, 1961 in India a deduction up to Rs. 150,000 can be claimed as tax exemption on housing loan. This deduction is claimed towards the total interest that we pay on the home loan towards purchase or construction of house property while computing the income from house property.
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
- Off Market debit and credit transaction
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Query regarding TDS on EPFO Higher Pension Arrears*
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
