Interest on housing loan
This query is : Resolved
06 July 2014
Housing Loan Interest:
In case of Housing Loan to Bank employees generally two accounts are maintained
• One for Principal
• One for Accrued Interest
First principal is adjusted from the repayment and after wards, interest is reduced.
Now, what would be the treatment in Income Tax return:
• Should we take the deduction of total repayment amount as principal repayment in 80 C ( Up to Rs. 1 Lac ) and the accrued interest too U/s 24 B ( Negative income up to Rs. 1,50,000).
Or
Some other treatment.
Please Clarify.
CA Alok Goel
M - 9837080659
In case of Housing Loan to Bank employees generally two accounts are maintained
• One for Principal
• One for Accrued Interest
First principal is adjusted from the repayment and after wards, interest is reduced.
Now, what would be the treatment in Income Tax return:
• Should we take the deduction of total repayment amount as principal repayment in 80 C ( Up to Rs. 1 Lac ) and the accrued interest too U/s 24 B ( Negative income up to Rs. 1,50,000).
Or
Some other treatment.
Please Clarify.
CA Alok Goel
M - 9837080659
06 July 2014
Alokji,
The treatment in Income Tax can not be differentiated for Bank employees, the treatment of loan repayment in books of accounts is not pertinent for bifurcating principal and interest amount. It has to be construed from the Loan agreement and repayment statement. Accordingly deductions to be claimed u/s 80C and 24(b)
The treatment in Income Tax can not be differentiated for Bank employees, the treatment of loan repayment in books of accounts is not pertinent for bifurcating principal and interest amount. It has to be construed from the Loan agreement and repayment statement. Accordingly deductions to be claimed u/s 80C and 24(b)
Message likes :
1 times
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
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- 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?
Trending Online Classes
CAclubindia
