Interest on housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
I HAVE TAKEN HOUSING LOAN FROM MY EMPLOYER. THE INTEREST AND PRINCIPLE AMT IS EXEMPTED FOR INCOME TAX?
28 March 2012
You will get a deduction of the interest and the principal repayment.
Interest payment shall be allowed as deduction under the head Income from Other Sources and principal repayment shall be allowed as deduction under Section 80C.
Interest payment shall be allowed as deduction under the head Income from Other Sources and principal repayment shall be allowed as deduction under Section 80C.
28 March 2012
My opinion differes here,
Go through Section 80C, it doest not speak about loan from Employer. So Principal can not be claimed if loan is taken from employer.
While interest can be claimed u/s 24 for borrowed amount.
Thanks
Mihir doshi
Go through Section 80C, it doest not speak about loan from Employer. So Principal can not be claimed if loan is taken from employer.
While interest can be claimed u/s 24 for borrowed amount.
Thanks
Mihir doshi
28 March 2012
Dear Mihir please read Section 80C(2)(xviii)(c)(8) which reads as under:
repayment of the amount borrowed by the assessee from:
the assessee’s employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society
Accordingly deduction is available if loan is taken from an employer falling in the above category.
repayment of the amount borrowed by the assessee from:
the assessee’s employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society
Accordingly deduction is available if loan is taken from an employer falling in the above category.
29 March 2012
Agree with you Siddhartha,
So, it means if the employer is private company or other than public company, Housing loan principal payment wont be claimed u/s 80C. Am I right?
Thanks
Mihir Doshi
So, it means if the employer is private company or other than public company, Housing loan principal payment wont be claimed u/s 80C. Am I right?
Thanks
Mihir Doshi
29 March 2012
Yes in that case, the repayment of principal amount cannot be claimed u/s 80C.
29 March 2012
Yes in that case, the repayment of principal amount cannot be claimed u/s 80C.
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