Deduction o interest against housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2016 IF ANY IND TAKEN A HOUSE LOAN OF 20 lACS AND HE PAY RS. 20 THOUSAND LOAN EVERY MONTH ( INCLUDING INT AND PREMIUM )
YEAR 2014-15 INT 2.28 PREMIUM 0.12
YEAR 2015-16 INT 2.20 PREMIUM .0.20
HOW IND CAN TAKE BENEFIT OF ABOVE IN COMPUTION OF TOTAL INCOME IN YEAR 2014-15 AND F.Y 2015-16

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 February 2016 In case of rented property he will get full benefit of interest in AY 2015-16 (FY 2014-15) an AY 2016-17 (FY 2015-16). However in case of self occupied property he can claim deduction U/s 24 of Rs 200000/- in Both the years. The same has to be shown under the head Income From House Property.
He will ge t deduction U/s 80C in respect of Principal repayment of .12 and .20 Lacs in the corresponding AYs.