Interest on home loan payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2010
I am a central government employee and staying in government quarters. Recently, I have taken a home loan. I am going to pay around Rs.80,000 for this finanacial year as interest payment for the housing loan. I was told by my friend that I cannot avail this for tax exemption as I am residing in government quarters and also that I am not in occupation of the new house. Currently my new house is vacant and I am plaaning to move in a few months. I get HRA deduction from my salary for the same. Please advise me how I can avail tax exemption for home loan for this financial year. Currently I am paying around Rs. 2000 per month as IT tax.
01 February 2010
I need clarification on above querry.
U told
1) u are staying in Quarters
2) u are also getting HRA & u are claiming exmption on the same 2.
Still as for new house I would like to tell following:
If u move to the new house in this Financial year,i.e.2009-2010 (by 31.3.2010) then u can claim Rs.80000/- deduction in this yr itself.
But if you occupy new house in the next financial year,i.e. after 01.04.2010, the deduction will be available for next year's interest. This 80000/- will also be deductible but in 5 equal instalments in next five years.
U told
1) u are staying in Quarters
2) u are also getting HRA & u are claiming exmption on the same 2.
Still as for new house I would like to tell following:
If u move to the new house in this Financial year,i.e.2009-2010 (by 31.3.2010) then u can claim Rs.80000/- deduction in this yr itself.
But if you occupy new house in the next financial year,i.e. after 01.04.2010, the deduction will be available for next year's interest. This 80000/- will also be deductible but in 5 equal instalments in next five years.
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 February 2010
Yes, I am residing in central government staff quarters and I am in getting HRA deduction from my salary.
Kindly advice me the tax treatment for the same.
Kindly advice me the tax treatment for the same.
01 February 2010
as you are residing in govt quarters, assuming that for which you dont pay any rent.
in that case your fill Hra will be taxable.
in that case your fill Hra will be taxable.
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