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Staff housing loan from private company 80c and 24(b)


Sivaraman.A.R (.)     27 March 2015

Sivaraman.A.R
. 
 32 likes  806 points

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An employee  got housing from employer(A Private company). Company gave a certificate showing interest and principal split. 80C is not allowed because of private company. Can interest be claimed u/s 24(b)?

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Aditi Kaur (Practising CA)    28 March 2015

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Poornima Madhava (ACMA)     28 March 2015

Poornima Madhava
ACMA 
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Yes interest is deductible u/s 24b

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Vishal Goel (Chartered Accountant)     28 March 2015

Vishal Goel
Chartered Accountant 
 144 likes  1688 points

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Under section 24, one can claim the interest payments for the home loans taken from his company subject to the condition that one must submit the interest payment certificate. Without the certificate, income tax department will not accept the tax claim.
 

There is no deduction allowed under section 80C for the principal repayment to your company. Only interest repayment can be claimed fro the tax deduction. As far as the principal payments are concerned, they would not qualify for tax benefit as loans only from notified institutions and banks are eligible for such deductions.

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