Housing Loan Interest:
In case of Housing Loan to Bank employees generally two accounts are maintained
- One for Principal
- One for Accrued Interest
First principal is adjusted from the repayment and after wards, interest is reduced.
Now, what would be the treatment in Income Tax return:
- Should we take the deduction of total repayment amount as principal repayment in 80 C ( Up to Rs. 1 Lac ) and the accrued interest too U/s 24 B ( Negative income up to Rs. 1,50,000).
- Some other treatment.
Please Clarify.
CA Alok Goel
M - 9837080659
CAclubindia
