Tds on salary
This query is : Resolved
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
(Expert)
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.
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
(Expert)
16 January 2015
yes you can take the deduction but for addition floor you have to taxable for notional rent for that unit.
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
(Expert)
16 January 2015
It will be limited to 2 lacs.
16 January 2015
AS AN EMPLOYER WHAT TAX BENEFIT I CAN ALLOWED TO SUCH EMPLOYEE ?
Rupesh Jain
(Expert)
16 January 2015
you have to take repayment of loan then you can give you house loan deduction.
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