FACTS Given: I have bought 2nd home.I Understand that the second home loan's interest part can be claimed for exemption for income tax deduction.
I checked with my employer, they say its possible but it cannot be done at TDS level.
It means they will deduct tax and I need to do it seperately when I file return.
QUERY:Please advise if this is right.
The loss (which includes interest expenditure) from Let Out property is to be computed and to be considered while filing the return of income.
Interest expenditure relating to the let out property cannot be considered by the employer.
This is as per the Income Tax Department's view expressed in the Circular on TDS from Salaries, it releases every year.
The employer's view is correct.