Loan against property
This query is : Open
11 January 2014
A person is paying interest on loan against property . He wants to know is their any rebate for this under Income tax act. He has salary income , rent from house property and Pension.
I also want to how to prepare his Income tax file with this income for the first time.
I also want to how to prepare his Income tax file with this income for the first time.
11 January 2014
You have not stated why and what for the loan was taken. From the nature of income if he has taken this loan against property to purchase property then the loan interest can be deducted from gross rent received by him. If not then against salary or pention he cannot adjust the interest.
To prepare his return and file you have to collect all data since joining of service till date and the amount of interest on deposits and bank account or salary earned by him then you have to collect other information about houe property loans given, LIP paid or PF paid and accordingly you have to prepare his or her Blance sheet and then if it is taxable income then you have to prepare the computation and file the return accordingly.
To prepare his return and file you have to collect all data since joining of service till date and the amount of interest on deposits and bank account or salary earned by him then you have to collect other information about houe property loans given, LIP paid or PF paid and accordingly you have to prepare his or her Blance sheet and then if it is taxable income then you have to prepare the computation and file the return accordingly.
Message likes :
1 times
11 January 2014
He has taken LAP for building house. Can he claim any deduction of this interest under IT Act, 1961 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
