Income tax conscession-home loan
purushotham
(Querist) 17 December 2011
This query is : Resolved
home loan was sanctioned for Rs 16,80,000/- and first term they relaesed 6,30,000/- on29/10/11 and paying part EMI rs,6800 from dec 2011 As a central govt employee what documents to be submitted and how to give declaration for caluclating income tax
Guest
(Expert) 17 December 2011
The bank is supposed to give you a statement in March 2012 showing the amount recovered separately, as principal and interest, You can give a copy of the same to your DDO. In turn your office DDO will take care in allowing you necessary rebate in IT while deducting TDS. The DDO would provide you all details of your income, rebates and tax deducted in Form-16, a copy of which you can attach with your IT return. That would suffice on your part.
Raj Kumar Makkad
(Expert) 17 December 2011
As per Income Tax law, you are entitled to claim not only repayment of loan amount up to Rs. 1,50,000/- during a current financial year but also upon interest paid thereon to the extent of Rs. 1 lakh. Your CA shall calculate the exact amount subject to the statement of your bank.
YOGESH NARANG
(Expert) 18 December 2011
As per i.t Act 1961 s. 24b Where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital;maximum limit to claim interest is Rs. 1,50,000/-
until house is under construction u cannot claim the interest on borrowed capital as deduction.
and repayment of loan sep. deducted u/s 80c maximum limit to claim deduction is Rs. 1,00,000/-
