respected all,
i want to know about tax planning of a general man who have income of Rs. 350000
can i save tax u/s 80c(100000), 80D(15000) and what about house loan interest is it 30000
thanks
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tax planning
Replies (10)
you can take deduction of interest loan u/s 24, (income from house property)
Interest of Housing Loan can be cliamed as dedcution u/s24
Hello Gaurav,
you can take all the deductions you have mentioned and even you can take upto 1.5 Lac Interest on HP loan if property is self occupied and Principal repayment of HP loan in 80C upto maximum 1 Lac
In continuation of Mr Maheshwari's comment
subject to a ceiling of Rs.30,000/- ( if the property is acquired or constructed with capital borrowed on or after 1.4.1999 and if the acquisition or construction is completed before 1.4.2003, the interest allowable as deduction will be Rs.1,50,000/- instead of Rs.30,000/-).
hi gaurav
you can clime as a deduction U/s 24(ii) interest on house loan in addition to the above mentioned deductions . but you have to give annexure to the return statement of house property loss and interest statement from the bank .
Also you need to attach the IT Certificate from the Loan giving Institutions
If that particular property which you have got housing finance, is let out you can claim the entire Interest you have paid, there is no ceiling limit but the respective house you can not claim the principal portion in u/s 80C.
Ravi,
Sorry but can u please frame the words for the comments, i m bit lost
u Can save 80C and 80 D and also interest 30000 is it is a SOP full interest can be claimed if it is LOP
best coaching
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