One of our empoloyee has taken housing loan in July 2011 of Rs.11.00 lacs. & he took possession in 01st March 2012. He paid interst on his loan is Rs.45000.00 & for march month installment of interest is rs.10500.00. How much amount he can avail as tax exemption..
20 March 2012
Interest accrued or paid from the date of loan taken to the date of 31st March 2012 eligible to get deduction under section 24(b) upto maximum of Rs.1,50,000 because it is self occupied property. I.e Interest from July 2011 to March 2012 charged by the Bank is eligible to get deduction. In your question you are saying Rs.45000 paid assume it is upto 29th Feb 2012 and interest portion for March 2012 installment is Rs.10,500. Assume upto Feb 2012 Interest accrued also Rs.45,000 then interest on Housing loan under section 24(b) eligible of Rs.55,500(45000+10500). However repayment of the principle portion if any eligible to get deduction under section 80C. OM SAI SRI SAI JAI JAI SAI
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