Interest on Housing Loan
This query is : Resolved
21 July 2009
I have taken a housing loan The Ground Floor is given on rental and First Floor is used for Self Occupied.I want to know how should I claim the Interest amount in my Income Tax return.The Interest amount is Rs.88000/- and Principal is Rs.36000.The Interest is fully exempted or 50% as I am using the 50% of property for self occupied.
Thanks
Thanks
21 July 2009
DIVIDE YOUR INTEREST IN PROPORTION TO AREA YOU SELF OCCUPIED AREA YOU LET OUT.NOW WHILE WHILE CALCULATING INCOME UNDER SELF OCCUPIED HOUSE YOU CAN CLAIM INTEREST WHICH RELATE TO SELF OCCUPIED HOUSE UPTO RS100000/- AND WHILE CALCULATING INCOME FROM LET OUT HOUSE YOU CAN CLAIM WHOLE INTEREST WHICH RELATE TO LET OUT AREA.
Message likes :
1 times
21 July 2009
agree
21 July 2009
ya same as mr umesh
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
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- ITDS U/S.194T of Firm
- TDS AND ITR ISSUE
- LIC maturity claim whether taxable
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
