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treatment of subsidy recd under pradhan mantri awas vikas yojna
My assessee had recd subsidy under pradhan mantri awas vikas yojna. Is Any deduction claimed in return againest such subsidy. If yes, in which head
Replies (3)
The subsidy reduces the interest charged over home loan by reduced EMI. When the interest amount itself gets reduced, question of any additional benefit doesn't arise.
Subsidy recd during the year and intt payment is made as repayment of instalment. Then only intt. Can be claimed under House property head.
Deduction of Interest over housing loan can be claimed as usual, but if subsidy received in your hand, the deduction will reduced to that effect. But as per the scheme the interest is charged at reduced rate, while the subsidy is received directly by bank.
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