Limit Of Housing Loan Interest Under Section 24(b) or else

Save Share

This query is : Resolved

krunal (Querist)
Follow

18 March 2009 My Employee have a housing loan towards which i pay an interest of Rs.3.50 Lacs Per Annum. Can I claim full deduction of Rs.3.50 Lacs from the taxable income?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

18 March 2009 it can not be claimed by employer.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

18 March 2009 No deduction can be claimed by you in Section 24(b), as Devanshi said. But In my views, if he is your employee, then you must be having a Business. You can claim this payment as employee welfare or reimbursement in your profit and Loss Account. Then it shall be part of salary of your employee. What are your views on this Devanshi. Is it possible practically???

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

18 March 2009 Hi Devanshi, Waiting for your views on this query??

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
Follow

19 March 2009 No You can't, as you are not a owner of house property.
But for tax planning purpose, you can calim this expenditure as a part of your employee salary.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now