Tax benefit on home loan for fy 2013-14

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2013 Salient Features are :
I am salaried employee & it is my first ever House Property,
(1)Date of Purchase 23.06.13
(2)Value of Property (before registry & Service Tax)Rs 40 lacs
(3)Financed for Rs 25 lacs from LICHFL at an EMI of Rs 24542/- for 20 years
(4)Under construction at present & registry is proposed before 31.03.14

Please provide quantum of deduction under different sections viz. 24, 80(c),80 EE etc.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 June 2013 i) 24(b) -- Rs. 1,50,000/- or actual interest which ever is less.

ii) 80C -- Rs. 1,00,000/- inclusive of other eligible investment.

iii) 80EE -- maximum Rs.1,00,000/-.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2013 THANKS FOR THE REPLY BUT PLEASE UPDATE ON THE DEDUCTION IN THE FORMAT OF COMPUTATION OF TOTAL INCOME i.e principal where to deduct & interest where to deduct ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 June 2013 i) Interest under the head 'income from house property'.

ii) 80C and 80EE amounts to be shown under 'deductions under chapter V1A'.

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