04 March 2009
I AM DOING A JOB AS INCOME TAX OFFICER I PREPARED ONE EMPLOYEE TAX COMPUTATION HE IS ASKING ME HE TAKEN A HOUSE LOAN AND HE PAYING INTEREST THAT INTEREST CAN I TREATED AS LOSS FROM HOUSE PROPERTY PLEASE GIVE ME SUGGESTION URGENT
04 March 2009
Yes Siva, In a case Interest paid on Loan (taken for Purchase or construction of House Property) is more than Net Annual Value of Property Section-24(b), then Their will be loss from House Property. provided in case of for Self Occupied House you have to consider the Maximum limit of 1,50,000 or 30,000 as the case may be.
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