Enquiry for itr 1
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2014
A person has taken Home Loan, paying EMI, CAN I show total emi amount in 80C,
loan is 810000, total emi is 74000/-
loan has taken in January 2013 so Sec 80EE is not applicable, please suggest
loan is 810000, total emi is 74000/-
loan has taken in January 2013 so Sec 80EE is not applicable, please suggest
03 July 2014
U can show the EMI(Principal excluding interest) amount in 80C. But the maximum deduction allowed under that section is 1L. Interest can b claimed u/s 24B in Income from House Property.
03 July 2014
No, cannot
.
.
EMI payment includes principle repayment and also interest payment
.
.
Hence
.
1)Under 80C take total principal repayment done during relevant financial year
2)Total interest paid is to be claimed under section 24b which will be available in INCOME from houseproperty sheet
.
.
3)80EE available only if loan was sanctioned during 1st april 2013 to 31.03.2014
.
.
EMI payment includes principle repayment and also interest payment
.
.
Hence
.
1)Under 80C take total principal repayment done during relevant financial year
2)Total interest paid is to be claimed under section 24b which will be available in INCOME from houseproperty sheet
.
.
3)80EE available only if loan was sanctioned during 1st april 2013 to 31.03.2014
03 July 2014
you have bifurcate the principle and intt.
for that you can take interest certificate from bank.
rs. 150000/- for intt u/s 24(b) and Rs. 100000/- u/s 80EE you can claim if your loan amount upto Rs. 2500000/- and property residential value up to Rs. 40 lacs.
and principle upto Rs. 1 lacs you can claim u/s 80C
for that you can take interest certificate from bank.
rs. 150000/- for intt u/s 24(b) and Rs. 100000/- u/s 80EE you can claim if your loan amount upto Rs. 2500000/- and property residential value up to Rs. 40 lacs.
and principle upto Rs. 1 lacs you can claim u/s 80C
03 July 2014
You will first have to bifurcated the interest and principal portion... Show interest portion under loss from house property.. Principal will be allowed under section 80c subject to max limit of 100000
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Long term Capital gains received on sale of Residential Plot of land 10 years after buying it
- RCM INVOICING FROM NOV-2024
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
