MANIKANDAN (CMA) (36 Points)
26 November 2013Dear all,
I am a salaried employee, recently i took home loan, for this year i am paying 203456 for interest, 114325 for principal, i am let out the new home, i am residing the rented house, what amount is eligible for Principal and Intertest for tax planning.
Please guide me for tax planning
Advance N thanks
vishal
(Chartered Accountant)
(67 Points)
Replied 26 November 2013
dear sir,
Maximum amount of deduction u/s 24(b) for interest on housing loan is the actual amount of interest paid if the house property is let out while if the same is used for own residence it will be Rs. 150000/-. Repayment of principle shall be allowed u/s 80C subject to maximum limit of Rs. 100000/-.
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 November 2013
In case you sell this flat within 5 years, the deduction you have availed u/s 80C (for principle) shall be reversed and become your taxable income.
CAclubindia
