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.
hi devi,
if the house is still in construction, interest cannot be claimed u/s.24.
But Mukund,
she can claim interest as pre-construction period interest
but fatema even pre-construction period interest is allowed as a deduction only after the house is constructed
Ok Swajitha,
Got my mistake.Thanks
swajitha is right.....................
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
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.
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.
CAclubindia
