Tds on salary

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praful (Querist)
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16 January 2015 I AM PAYING HOUSING LOAN ON CONSTRUCTION ON HOUSE, NOW I HAVE TAKEN ANOTHER LOAN FOR SAME HOUSE FOR EXTENSION, WHETHER I AM ELIGIBLE FOR TAX EXEMPTION FOR BOTH LOAN ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2015 If you avail a loan for doing the renovation, then you can claim the interest paid on this loan as a tax deduction subject to a cap of Rs.30,000 per fiscal in case of a self-occupied property. If the property has been let out, full interest should be allowed as deduction.

praful

praful (Querist)
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16 January 2015 PROPERTY IS NOT LET OUT AND IT IS CONSTRUCTION OF ADDITIONAL FLOOR IN SAME HOUSE. WHETHER ELIGIBLE FOR BOTH LOAN ?

Rupesh Jain

Rupesh Jain (Expert)
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16 January 2015 yes you can take the deduction but for addition floor you have to taxable for notional rent for that unit.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 January 2015 if there is additional "construction" then upto rs 2,00,000 in totality of all loans the interest shall be allowed u/s 24(b)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2015 It will be limited to 2 lacs.

praful

praful (Querist)
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16 January 2015 AS AN EMPLOYER WHAT TAX BENEFIT I CAN ALLOWED TO SUCH EMPLOYEE ?

Rupesh Jain

Rupesh Jain (Expert)
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16 January 2015 you have to take repayment of loan then you can give you house loan deduction.

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