Sec.80 C deductions in respect of resigned employees
This query is : Resolved
07 July 2011
Hi,
I need a clarification.
If an employee resigns during the financial year, whether credit can be given for entire interest on housing loan that would be payable by him for that financial year u/s 80C or actual amount paid by him till the date of resignation should be given as deduction u/s 80C.
I need a clarification.
If an employee resigns during the financial year, whether credit can be given for entire interest on housing loan that would be payable by him for that financial year u/s 80C or actual amount paid by him till the date of resignation should be given as deduction u/s 80C.
07 July 2011
Interest is deductible U/s 24 and principal repayment is deductible U/s 80C.
*
As a matter of prudence, credit should be given up to the period till he remains with the employer. U/s 80C credit is given on the basis of payments actually made by the employee towards repayment of housing loan.
However, in case of interest credit can be given on the basis of interest accrued till date.
*
As a matter of prudence, credit should be given up to the period till he remains with the employer. U/s 80C credit is given on the basis of payments actually made by the employee towards repayment of housing loan.
However, in case of interest credit can be given on the basis of interest accrued till date.
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