Income tax question

This query is : Resolved

deepak gairola (Querist)
Follow

21 July 2011 Good Afternoon Sir

Mx x is living in a Mumbai.Mr X purchase a flat in April 2010 he has taken a joint loanin his & her wife name of Rs.15 lack from bank.but his flat is very far from his Office.so he continue to live in rent flat.he pays Rs.6000 as a rent.can he claim for rent in salary.if he pays total interest Rs.63359 and principle Rs. 32593. how much amount he should take deduction in 80C & income from house property if his own flat remain vacant in whole year

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

21 July 2011 Yes.. he can claim both ..HRA + interest & principle

For 80C, if X is the sole owner & the repayment of loan is done solely by X, then he can claim principle Rs. 32593 under 80C & interest Rs. 63359 under section 24b, subject to the maximum threshold limits of the respective section.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

R.Prashanth

Swarna Gurumurthy

seshachary

rajeev koolwal

Prashant Kotecha

Subscribe Now

Income tax question

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANT

GST CONSULTANCY

Article Assistant