We have a Co-Op. Soc at Kolkata which disburses loan to employees for purchase of flat/construction.
Please let us know if the EMI amount recovered are eligible for tax rebate as under. Interest – Sec. 24b - income/loss from house property Principal – Sec. 80c – Repayment of housing loan
If you can kindly explain the rules in this regard to enable us convey the same to employees.
09 February 2012
Deduction U/s 80C AND 24B is eligible if loan has been taken from the Co Op Society where assessee is the employee of the such Co Op Society.
10 February 2012
Assesse is not the employee of society but he is member of society. This Society is specially formed by our company for providing such type of loans to company's employees
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