Income on housing loan.
This query is : Resolved
16 June 2009
A sallaried person have interest on housing loan in form no.16
Where it wll be allowed as deduction??
Where it wll be allowed as deduction??
16 June 2009
I assume you are asking that Interest paid on housing loan will be allowed as deduction under which head of income and section.
The same will be shown as deduction under section 24 as Income from House Property.
The same will be shown as deduction under section 24 as Income from House Property.
Message likes :
1 times
16 June 2009
Thanks Vipul. But I further want to ask u that is it possible to make it allowed under 80c?
16 June 2009
No interest on housing loan interest will be allowed u/s 24(b) & principal sum repaid is allowed u/s 80C.
Message likes :
1 times
16 June 2009
Yes,I agree with Chetan and Vipul. U can only claim principal repayment under section 80C, interest will be allowed only under section 24(b)
Message likes :
1 times
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Foreign inward in ITR
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
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
