Income tax question
This query is : Resolved
21 July 2011
Good Afternoon Sir
Mx x is living in a Mumbai.Mr X purchase a flat in April 2010 he has taken a joint loanin his & her wife name of Rs.15 lack from bank.but his flat is very far from his Office.so he continue to live in rent flat.he pays Rs.6000 as a rent.can he claim for rent in salary.if he pays total interest Rs.63359 and principle Rs. 32593. how much amount he should take deduction in 80C & income from house property if his own flat remain vacant in whole year
Mx x is living in a Mumbai.Mr X purchase a flat in April 2010 he has taken a joint loanin his & her wife name of Rs.15 lack from bank.but his flat is very far from his Office.so he continue to live in rent flat.he pays Rs.6000 as a rent.can he claim for rent in salary.if he pays total interest Rs.63359 and principle Rs. 32593. how much amount he should take deduction in 80C & income from house property if his own flat remain vacant in whole year
21 July 2011
Yes.. he can claim both ..HRA + interest & principle
For 80C, if X is the sole owner & the repayment of loan is done solely by X, then he can claim principle Rs. 32593 under 80C & interest Rs. 63359 under section 24b, subject to the maximum threshold limits of the respective section.
For 80C, if X is the sole owner & the repayment of loan is done solely by X, then he can claim principle Rs. 32593 under 80C & interest Rs. 63359 under section 24b, subject to the maximum threshold limits of the respective section.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- 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
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
