Tax deduction from salary
This query is : Resolved
12 January 2013
I am drawing salary from my employer which has a salary component such as Basic, HRA, Coveyance, etc.I am also paying EMI on my Home loan which has Interest and Principal component for a house whose possession has been taken. i am staying in the rented house and the other house is vacant.Can I simultaneously seek IT rebate on account of the EMIs being paid (unoccupied but completed house)plus rental charges of house (occupied). If so to what extent in case of rental being paid as the rebate limit for Interest on Home loan and Principal is known which is Rs 1.50 lacs and Rs 1.0 Lacs. Thanks.
12 January 2013
Dear Friend, the interest and instalments on house loan will be deducted upto maximum of Rs. 1.50 Lacs u/s. 24 and Rs. 1.00 Lacs u/s. 80C. you can not claim both rent and interest as well. Thanks
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
