Interest on Housing Loan - Exemptions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2011
I am having a SELF Occupied House. I have taken a Loan from Bank and am paying EMI regularly. The total Accrued Interest in the account comes over Rs. 150000.00. As per Income Tax Act I am entitles up to Rs. 150000.00 only per year as deduction from my Salary Income.
Can the balance of Interest amount over & above Rs. 150000.00 be carried over as Loss Carried Forwards to the subsequent years for adjusting in future when the Accrued Interest for the current year falls below Rs. 150000.00?
Can the balance of Interest amount over & above Rs. 150000.00 be carried over as Loss Carried Forwards to the subsequent years for adjusting in future when the Accrued Interest for the current year falls below Rs. 150000.00?
26 June 2011
There is a cap of max. allowable interest in case of SOP.
Since 1.50 lacs can be maximum allowable, it direcly means that beyond 1.50 lac, interest can not be claimed to be allowed.
Hence you can not carry forward amount exceeding 1.50lacs for the next year.
Since 1.50 lacs can be maximum allowable, it direcly means that beyond 1.50 lac, interest can not be claimed to be allowed.
Hence you can not carry forward amount exceeding 1.50lacs for the next year.
26 June 2011
Maximum you can claim 1.5 lakh as interest.
But one suggestion i want from Paras Sir if that loan and house is also with co-owner. than can co-owner claim rest amount?
Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.com
But one suggestion i want from Paras Sir if that loan and house is also with co-owner. than can co-owner claim rest amount?
Abhishek Ranjan Singh
ARS Solutions
+91 9022838615
email2ars@gmail.com
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
