29 July 2010
IN CASE ,ADVANCE PAYMENT OF EMI IS BEING MADE FOR LOAN TAKEN FROM BANK FOR HOUSE (SELF OCCUPIED) ,THEN WHAT WILL BE THE AMOUNT OF DEDUCTION ,THE ACTUAL AMOUNT PAYABLE TO BANK OR ACTUAL AMOUNT PAID TO THE THE BANK (ACTUAL AMOUNT PAID IS HIGHER),ALSO IN CASE THE PROPERTY IS VACANT DUE TO THE REASON THAT PERSON ,THE OWNER OF PROPERTY IS TRANSFERRED FOR JOB POSTING ,THEN WILL IT MAKE ANY DIFFERENCE AS FAR AS INTEREST DEDUCTION IS CONCERENED(PROPERTY IS NOT SELF OCCUPIED ALSO ,NOR RENTED OUT ALSO)
29 July 2010
Deduction u/s 80C is available on payment basis.Therefore deduction is on actual principal amt. paid. For intt.u/s 24 of I.T.Act,1961,it is on due basis, therefore, deduction is on actual amt. charged by bank.
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