Arun Prakash (Manager HR - Generalist) (112 Points)
20 March 2014Dear Professional,
Hereby i request you to clarify my queries are below;
One of our employee brought a housing loan and he paid Rs.22,000.00 (Capital & interest) every month.
Now he ask me to add for IT exemption of total amount of principal cum interest per annum (its around Rs.2,64,000/annum)
Is that possible?
What is the max. exemption under sec 24, 80c & 80ee?
Can anyone please explain, I need to prepare a IT calculation for FY 2014-15.
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 20 March 2014
Dear Sir
The principal amount paid by the employee wil come under 80c and max limit is 1lakh.
Secondlly interest paid on principal will come under income from house property, under sec 24B. So he can claim losses for the same.
Regards
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 March 2014
He may claim deduction of max Rs. 100,000/- (principal) u/s 80C and max Rs. 150,000/- (interest) u/s 24.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 21 March 2014
u/s 24 b
IF Your house is self occupied than interest loss can be claim upto 150000/- u/s 24 b
if your house is let out than all interest portion can be deducted with out any limit
.
u/s 80 c
the maxium deduction for principal portion is 100000/- irrespective of whether house is self occupied or let out
u/s 80 EE (applicable from 01/04/2014)
you will get deduction of Rs. 1 lac in financial year 14-15
subject to certain condtions:
i. loan amount should be less than 25 lac
ii. value of property purchase should be of 40 lac or less
iii. loan taken in during 01/04/2013 to 31/03/2014
Arun Prakash
(Manager HR - Generalist)
(112 Points)
Replied 24 March 2014
Dear All,
As per the above discussion, (i.e)person pay Rs. 22,000/- housing loan per month
Principal Rs. 12,000/- and interest would be 10,000/- then
how much exemption will, he can claim for per annum with calculation?
Kindly any help me out! It would be highly appreciate, Thank you!!!!!!!!!!!!
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 24 March 2014
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