devijegatha (jmc6) (36 Points)
19 January 2010Kindly 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.
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 19 January 2010
hi devi,
if the house is still in construction, interest cannot be claimed u/s.24.
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 19 January 2010
But Mukund,
she can claim interest as pre-construction period interest
swajitha
(ca..final)
(68 Points)
Replied 19 January 2010
but fatema even pre-construction period interest is allowed as a deduction only after the house is constructed
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 19 January 2010
Ok Swajitha,
Got my mistake.Thanks
RADHIKA JALAN
(agarwal)
(1521 Points)
Replied 19 January 2010
swajitha is right.....................
Satish shastri
(CA final Student)
(91 Points)
Replied 19 January 2010
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
Ritesh Jain
(CA, CS in Job)
(675 Points)
Replied 19 January 2010
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.
Atul Kumar
(working employee)
(153 Points)
Replied 19 January 2010
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.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
