Land loan from a co operative bank is tax deductable?
This query is : Resolved
23 June 2015
I'm a Software Engineer in Bangalore. My annual income is 750,000. I took a Land loan (Gahan Loan) from co-operative bank and I'm paying nearly 12,000 as an EMI for that loan, 7,000 as interest (7000 + 5000).
What I want to know is this amout in tax deductable? If it is how much? Please help me...
What I want to know is this amout in tax deductable? If it is how much? Please help me...
23 June 2015
No TDS applicable on interest payments to Banks.
Message likes :
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24 June 2015
Thanks Seetharaman.......But I heard, repayment of the amount borrowed by the assessee from any bank, inluding a coperative bank is deductable.
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