Salary with interest on home loan

143 views 4 replies
hi sir / madam
this is pushpa I am working in company
our employer issued form 16 there shows tax payable what I have question
I had paid interest on home loan can I cliam interest as against salary income
if eligible claim interest with salary income but as employer not mentioned interest in form 16
Replies (4)
Yes, You can claim a deduction of up to Rs.2 lakh on your home loan interest, if the you or your family reside in the house property. (Self occupied property).
If you have rented out the property, the entire interest (without limit of Rs.2 Lakh) on the home loan is allowed as a deduction from rent income.

If it's not shown in form 16 than also you can claim it at time of filing your income tax return.
Further you will also get deduction of principal amount in 80c, upto 1.50 lac, further 80ee and 80eea deductions are also there subject to conditions.
Sir paid interest oly 45000
tax liability is 135000
so I can cliam deduction 2lack or 45000 interest on home loan
If you Paid Interest of Rs. 45,000 than you can Claim Deduction of Rs. 45,000 only.

Deduction u/s 24 of interest is as below:
interest Paid or Rs. 2,00,000.. whichever lesser

You can also claim Principal amount deduction up to Amounts Paid or 1,50,000 whichever is Lesser u/s 80C


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register