int on home loan
This query is : Resolved
24 March 2009
hello everyone
if a home loan is taken by the employee from its employer bank and int charged to employee is less than charged to any normal a customer of the bank.
1)rebate in int is to be treated as perk in the hand of employee.is it correct.
2)whether he can claim the deduction for int on loan. he has acquired home with the amt of loan but till date has not paid any installment for the same.amt of int is accruing in his loan account..
pl. suggest
thanks in advance
if a home loan is taken by the employee from its employer bank and int charged to employee is less than charged to any normal a customer of the bank.
1)rebate in int is to be treated as perk in the hand of employee.is it correct.
2)whether he can claim the deduction for int on loan. he has acquired home with the amt of loan but till date has not paid any installment for the same.amt of int is accruing in his loan account..
pl. suggest
thanks in advance
CA Tilak Raj Sharma
(Expert)
24 March 2009
1. Yes, that is treated as perq u/17(2).
2. Yes, deduction will be allowed u/s 24(b). interest is allowed on accruing basis not on payment basis.
2. Yes, deduction will be allowed u/s 24(b). interest is allowed on accruing basis not on payment basis.
CA Tilak Raj Sharma
(Expert)
24 March 2009
1. That is perq u/s 17(2) and taxable.
2. Interest can be claimed u/s 24(b). Deduction can be claimed on accruing basis not on payment basis.
2. Interest can be claimed u/s 24(b). Deduction can be claimed on accruing basis not on payment basis.
CA Tilak Raj Sharma
(Expert)
24 March 2009
1. That is perq u/s 17(2) and taxable.
2. Interest can be claimed u/s 24(b). Deduction can be claimed on accruing basis not on payment basis.
2. Interest can be claimed u/s 24(b). Deduction can be claimed on accruing basis not on payment basis.
CA Tilak Raj Sharma
(Expert)
24 March 2009
1. That is perq u/s 17(2) and taxable.
2. Interest can be claimed u/s 24(b). Deduction can be claimed on accruing basis not on payment basis.
2. Interest can be claimed u/s 24(b). Deduction can be claimed on accruing basis not on payment basis.
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