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devijegatha (jmc6)     19 January 2010

devijegatha
jmc6 
 36 points

| My Other Post

Kindly help me whether my employer is correct in their calculation for the following situation.

HRA given by the company

Unfurnished single accomodation (not for family) provided by the employer taken on rent.

Having housing loan for a house not ready for occupation but paid EMI of Rs.150000/- .sitauted in the same city where i have employed.

My employer has considered only housing loan as deduction for IT calculation.

 

avater

CA.G.Muguntha Narayanan (Internal Auditor at TVS Motors)     19 January 2010

CA.G.Muguntha Narayanan
Internal Auditor at TVS Motors 
 281 likes  2195 points

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hi devi,

  if the house is still in construction, interest cannot be claimed u/s.24.

avater

FATEMA (CHARTERED ACCOUNTANT)     19 January 2010

FATEMA
CHARTERED ACCOUNTANT 
 70 likes  719 points

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But Mukund, 

she can claim interest as pre-construction period interest

avater

swajitha (ca..final)     19 January 2010

swajitha
ca..final 
 3 likes  68 points

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but fatema even pre-construction period interest is allowed as a deduction only after the house is constructed

avater

FATEMA (CHARTERED ACCOUNTANT)     19 January 2010

FATEMA
CHARTERED ACCOUNTANT 
 70 likes  719 points

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Ok Swajitha,

Got my mistake.Thanks

avater

RADHIKA JALAN (agarwal)     19 January 2010

RADHIKA JALAN
agarwal 
 213 likes  1521 points

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swajitha is right.....................

avater

Satish shastri (CA final Student)     19 January 2010

Satish shastri
CA final Student 
 1 likes  91 points

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Dear devi ur employer is right, until unless house is constructed, interest cannot be claimed even if for pre-construction period also.

Ms. Swajitha and Ms. Radhika is right

avater

Ritesh Jain (CA, CS in Job)     19 January 2010

Ritesh Jain
CA CS in Job 
 42 likes  670 points

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  Dear devi,

 "Your employer is right, until unless house is constructed, interest cannot be claimed even if for pre-construction period also."

Ms. Swajitha and Ms. Radhika is right.

 

But I have learnt first time that a company ifs providing HRA as well as accomodation to an employee.

Anyways this will not change the taxability status.

avater

Atul Kumar (working employee)     19 January 2010

Atul Kumar
working employee 
 14 likes  153 points

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All of them are right. Devi you do only that keep all the document evidence payment made towards interest and after completion of construction you can take benefit in 1/5 installment per year.


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