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An urgent query

krina (student) (1263 Points)

08 February 2013

An Assesse is A director On TWO of Companies having Interest on Housing Loan of Rs. 1,00,000 ,

I.e he can Claim Deduction U\S 24 now my Query for Computation of Advance tax liablity Individually in for each company

How Do we take the interest Of Housing Loan Can we take Proportionalty or Take On Some other BASIS

Thanks A lot in advance

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4 Replies

Ankit (CA, CS) (3064 Points)
Replied 08 February 2013

Krina,

you can claim the deduction for the interest u/s 24....and this, according to me, has nothing to do with the directorships in two companies....

since the directors' fees will be income from other sources....

CA Suryakant Dubey (CA ) (931 Points)
Replied 08 February 2013

You can claim deduction u/s 24...! directorship have No connection with such interest.... & Clarify one thing the houses are owned by the director or by the company...If owned by the company dn interest will be considered as a perquisites for compuatation of Incom tax....