Tax benefit on home loan for fy 2013-14

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)
Follow

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/-.

Message likes : 1 times

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)
Follow

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'.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now