Interest on housing loan
This query is : Resolved
16 June 2015
I have doubt if someone has taken loan for purchase of flat then what is the deduction for that is it covers in 80C where LIC is also there of Rs 150000/ how we could avail deduction of loan.
CA. Sunil Gokhale
(Expert)
16 June 2015
LIC premium and housing loan principal are both eligible under 80C in the overall limit of Rs.1,50,000.
17 June 2015
Thanks for info,..! and could we take interest on housing loan in salary deduction or it would be take by employee when he shall file the individual return.
Kindly advise
Kindly advise
CA. Sunil Gokhale
(Expert)
17 June 2015
Employee can inform the employer about various 80C investments s/he plans to make during the year so that lower tax will be deducted at source. The employee will then have to submit proof of such investments/payments to the employer by the end of the year.
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