TAX Treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2011
Dear Friends
Situation: Being Pur Flat Rs 900000/-
stamp duty and registration paid Rs 50,000/-
Loan taken from freind for flat RS 650000/-
Interest paid to friend agst loan Rs 52000/-
Principal Paid to freind agst Loan RS 68000/-
Suggest the Tax treatment on above transaction
Thanks in advance
Situation: Being Pur Flat Rs 900000/-
stamp duty and registration paid Rs 50,000/-
Loan taken from freind for flat RS 650000/-
Interest paid to friend agst loan Rs 52000/-
Principal Paid to freind agst Loan RS 68000/-
Suggest the Tax treatment on above transaction
Thanks in advance
CA. Lohith Jagadeesh
(Expert)
30 March 2011
Hi,
Interest benefit can be claimed under Sec 24 ( Limit of Interest for SOP is Rs.1.5lacs, LOP is Unlimited assuming thtat it is New loan borrowed after 01/04/1999 )
Stamp Duty & Pricipal Repayment can be claimed under Sec 80 C subject to the Limit of Rs. 1,00,000/-
Thank you,
Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Interest benefit can be claimed under Sec 24 ( Limit of Interest for SOP is Rs.1.5lacs, LOP is Unlimited assuming thtat it is New loan borrowed after 01/04/1999 )
Stamp Duty & Pricipal Repayment can be claimed under Sec 80 C subject to the Limit of Rs. 1,00,000/-
Thank you,
Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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