Saving income tax under section 80 e
This query is : Resolved
Prateek Goel
(Querist)
15 January 2016
Hi Sir,
If i had taken a loan of Rs 3,75000 in year 2007 , when i started paying installments around November 2012 amount became around 5.7 Lakhs(Capital+Interest).I kept on paying installments of Rs 10700 every month afterwards(Interest of Rs 5000+ keep adding to loan amount) .In year 2015 I paid around 5 Lakh and closed the account , I want to take tax benefit for year 2015 .
How much tax benefit I can claim in year 2015
1)Only the Interest amount added to Loan Account in this year
OR
2)I can claim more as i paid all interest amount that is mounting over the years to loan account.
If i had taken a loan of Rs 3,75000 in year 2007 , when i started paying installments around November 2012 amount became around 5.7 Lakhs(Capital+Interest).I kept on paying installments of Rs 10700 every month afterwards(Interest of Rs 5000+ keep adding to loan amount) .In year 2015 I paid around 5 Lakh and closed the account , I want to take tax benefit for year 2015 .
How much tax benefit I can claim in year 2015
1)Only the Interest amount added to Loan Account in this year
OR
2)I can claim more as i paid all interest amount that is mounting over the years to loan account.
16 January 2016
You can claim only the interest part which is paid in Ay 2015-16
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
