Query for tax exemption

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2012 HELLO SIR/MEM
I M TAKING A LOAN OF 8 LAKH FROM LIC HOUSING FINANCE AND GOING TO A BUY A PLOT IN MY CITY ON MY MOTHERS NAME.IS THIS LOAN WILL HELP ME IN INCOME TAX SAVING. IF NOT THEN WHAT I CAN DO FOR INCOME TAX SAVING.PLEASE ANSWER ME OUT SOON SIR .

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2012 Dear Sir/Madam,

Is it mandatory to generate form 16 & issue to employee from Tin website by filing return ,though TDS is not deductible of the employee in Pvt. Ltd. company ?

f.y.2011.12

vignesh

vignesh (Expert)
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17 April 2012 Hi

If no tds is deducted, then there is no need to issue form 16.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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17 April 2012 If u r purchasing plot i.e. land, then House Property will not be applicable and u cannot claim interest on such loan.
If the employer has not deducted tax, then he will not issue any Form 16 to u.

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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17 April 2012 the loan will not help you in income tax saving. you should look for 80c investments for IT saving.

No TDS is deducted it is not compulsory to issue form 16, however employer can issue on his will.

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CA. Gaurav Sharma

CA. Gaurav Sharma (Expert)
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21 April 2012 Hi Author,

Taking loan in the name of your mother will not help you claim deduction under income tax act, however if you want to purchase a house, you can take it in joint name with your mother.. in that case you can claim interest deduction under section 24 and principle repayment deduction under section 80 C of income tax Act.

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