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TDS on Salaries. sec.192

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(Querist)
08 May 2009 In form 16,how is repayment of housing loan to be disclosed in deductions from GTI?. Should interest part of the loan also be taken as a deduction under chapter VI A?
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CA MEENAKSHI MANGLA

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CA MEENAKSHI MANGLA (Expert)
08 May 2009 in form 16, it should be considered as a deduction under chapter VI A
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CA.MANOJ LAMBA

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CA.MANOJ LAMBA (Expert)
08 May 2009 NO INTEREST PART OF HOUSING LOAN SHOULD BE SHOWN UNDER HEAD ANY OTHER INCOME REPORTED BY EMPOLYEE & DEDUCTION OF HOUSING LOAN INTEREST IS AVAILABLE ONLY UNDER SECTION 24 . AS REGARDS PRINCIPAL AMOUNT, IT IS ALLOWED U/S 24 ONLY
THANKS
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
09 May 2009 Repayment of principal in a housing loan is allowed u/s 80C and not under Sec.24.
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taxindiaconnect

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taxindiaconnect (Expert)
09 May 2009 Agree with Manoj Lamba.
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