Rebate u/s 80C towards repayment of Housing Loan

This query is : Resolved

S. P. Dhammi (Querist)
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22 April 2009 Sir,

Can a Employee get rebate u/s 80C on repayment of housing loan and Interest on housing loan from his/ her employer ? Please also confirm that if the housing loan is on joint names ie. husband & wife. But only wife is paying installment of housing loan. Can employer give 100 % rebate on repayment of housing loan (on Payment basis) & 50% on Interest.

Regards

Jitender

Jitender (Expert)
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22 April 2009 employer can get benefit of repayment of loan u/s 80C.

CA.Pujah

CA.Pujah (Expert)
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23 April 2009 U can get benefit of refund of both loan & intt from your employer by submitting him details & certificate from the lender.

If loan is in the name of both: 80C deduction for repayment of loan is on payment basis, i.e., who pays out of his taxable income is eligible for deduction.

whereas intt u/s 24(1) is on accrual basis & u both can claim (if one self occupied house)maximum Rs.150000 deduction each

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S. P. Dhammi

S. P. Dhammi (Querist)
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24 April 2009 Pujah

Thanks for your Reply