House property

RAJESH CHOUDHARY (Querist) 06 July 2012 This query is : Resolved
Hello Experts!!!!
If 12% is the interest rate of the housing loan taken.
Then 4% will be paid by employee and remaining 8% will be paid by employer which will be taxable as perquisite in the hands of employee.
Now my doubt is this 8% interest paid by employer which is treated as perquisites can be claimed by employee u/s. 24(b) under the head house property.
Thank you!!!!!

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VARUN MAHAJAN (Expert) 06 July 2012
yes it would amount to deduction as the loan is against the person.
where as i think

VARUN MAHAJAN (Expert) 06 July 2012
where as the amount paid by the employer is been treated as his salary income.

RAJESH CHOUDHARY (Querist) 07 July 2012
thanks varun sir

Adv.Ashwini Khatri (Expert) 07 July 2012
I think r u asking 2 questions:-
1st- Taxable value of perquisite in hands of employee.
2nd- Benifite of section 24(b) of IT Ack.

Answers-
1st- Calulation of taxable value of perquisite will be held on interest rate of RBI on 01ST day of April,2011.
2nd- here benifite is available. Under section 24(b) paid interest aginst H.L. is assessable value. Assessble amount will be taken as per interest certificate from bank.

With regard,
advocate.khatri@ymail.com

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