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Urgent - deduction of interest u/s. 24(b)

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2012 Hello!!!!

If 12% is the interest rate of the housing loan taken.

Then 4% will be paid by employee and remaining 8% will be paid by employer which will be taxable as perquisite in the hands of employee.

Now my doubt is this 8% interest paid by employer which is treated as perquisites can be claimed by employee u/s. 24(b) under the head house property.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
06 July 2012 8% Interest (which is paid by employer) will be the taxable perquisite in the hands of employee. Total interest 12% can be claimed u/s.24(b)

For perquisite valuation Interest rate need to refer with SBI lending rates.
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 July 2012 Thank you so much sir!!!!!
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Rajni Kant

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Rajni Kant (Expert)
07 July 2012 yes, can be claimed full 12% under 24(2)even if paid only 4% out of total 12% interest, the balance 8% will be considered for perks calculation.
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