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housing loan interest


HITESH (chartered accountant)     11 July 2010

HITESH
chartered accountant 
 14 likes  440 points

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according to the act:

ASSESSEE must be the:

the person who owns the building need not also be the owner of the land upon which it stands.


SO,

he pays tax under the head income from house property

AS he pays the tax on his income

he can claim deduction also like repairs ,,

is the interest deduction is also allowed to him

if it is allowed wHat type of documents are to be submitted to the department

can anyone answer me with an example

thanks in advance


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Aditi Kaur (Practising CA)    1 September 2020

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janak (post graduation)     11 July 2010

janak
post graduation 
 200 likes  1327 points

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i m not getting yr point.......plz elobrate

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HITESH (chartered accountant)     11 July 2010

HITESH
chartered accountant 
 14 likes  440 points

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as the person is not owning the land on which the building stands

but he is liable to pay the tax

 

 

it is the main point to understand

 

my doubt is interest on housing loan is allowed to him or not?

Priyanka (Chartered accountant)     12 July 2010

Priyanka
Chartered accountant 
 14 likes  330 points

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if loan is taken for construction, repair, rennovation of building ..then interest on such loan is allowed as deduction....owing of land is not the concept to be focused on....what important is u owned a house propery for which u have taken a loan and u r repaying it....

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harish .k (STUDING)     13 July 2010

harish .k
STUDING 
 28 likes  306 points

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BUT HE CAN 'T CLAIM REPAIRS EXPS AS SEPERATELY FROM THE INOME OFHOUSE PROPERTY, BECAUSE U/S 24 ALLREADY 30% STANARD DEDUCTION IS ALLOWING TO ASSESSEE , HE  CAN'T CLAIM EXPS SEPERATELY AGAIN ,

 

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C.Balaji (Learner)     13 July 2010

C.Balaji
Learner 
 125 likes  1862 points

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Friends....

Any amount borrowed for the purpose of Purchase,Construction, repair, renovation or reconstruction of HP - interest is allowed....


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