Mortgage home loan interest (2015-16)
This query is : Resolved
M KRISHNAIAH
(Querist)
10 May 2016
Sir,
One of our employee had taken mortgage home equity loan from Cholamandalam Finance Company. He is 70 years old(senior citizen). Can he claim interest component amount under income tax exemption ? kindly advise me.
One of our employee had taken mortgage home equity loan from Cholamandalam Finance Company. He is 70 years old(senior citizen). Can he claim interest component amount under income tax exemption ? kindly advise me.
Amol S Joglekar
(Expert)
10 May 2016
The words used in the Income tax Act are.....acquired or constructed the house property out of the borrowed capital. If your 70 years old employee is satisfying that condition, there is no harm in giving interest benefit to him
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