Interest deduction on home loan
This query is : Resolved
26 August 2013
One of my friend is living in a company provided flat and hence not receiving HRA. Now he is buying a flat in his name in the same city in which he is presently situated. Can he claim deduction in income tax for interest paid on home loan taken ? Here it must be noted that even after buying the flat he will continue living in company's accomodation. In my opinion there is no problem in claiming the deduction. I just want to be sure if i'm correct or not.
Pls help.
Pls help.
26 August 2013
Yes, you can claim interest on housing loan deduction u/s24(b) but if you earning any income from such house(i.e let out) then you also have to offer rental income for tax purpose.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
26 August 2013
Thanks sir.
No he is not earning any rental income on it, i.e the flat is kept unoccupied where he go n stay during weekends.
No he is not earning any rental income on it, i.e the flat is kept unoccupied where he go n stay during weekends.
26 August 2013
I.e he also using it for his self use only. I.e not given for rent. So shall be consider it as self occupied property and claim deduction u/s 24(b) upto Maximum of Rs.1,50,000/-
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
26 August 2013
Sir, is there any rebate in Registration fees on registration of the flat if a female is a co-holder of the same (in West Bengal)?.
26 August 2013
I am from Andhra pradesh so i didn't have any idea regarding West Bengal registration charges etc..
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Multiple trade mark
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
