Hi
as per New IT which is going to come in 2011, the interest on House Loan will not be considered for rebate on total income? throw some light on this as i am going to take a home loan from private bank. How far it effects my taxation?
Suryakiran (clerk) 14 December 2009
Hi
as per New IT which is going to come in 2011, the interest on House Loan will not be considered for rebate on total income? throw some light on this as i am going to take a home loan from private bank. How far it effects my taxation?
A V Vishal (Advocate) 15 December 2009
I am not sure from where you got the information. It is not true.
Vineet (Director) 15 December 2009
Mr Suryakiran you are right that as per new proposed Direct Tax Code, there will be no benefit for interest paid on home loan in the case of self occupied property.
However, the code is in proposal stage and some of the proposed provisions have been opposed. In fact grapewine is that this code is being dumped altogether and being rewritten. So don't be guided by these provisions.
In my opinion your decision to avail home loan should be based on your actual requirement for a house and your funds position. Tax benefit becomes incidental.
aman kumar (SUPERVISER) 29 December 2009
vineet is right
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