Housing loan Principle & Interest Claim
This query is : Open
08 February 2010
Whether the person whose is liable fot Tax Audit paying rent more than Rs. 120000/-for use of agricultural land is liable to deduct TDS.
08 February 2010
I have existing home loan and recently I have taken one more home loan for my new property I understand that I cannot claim both home loans can you confirm if my understanding is correct. Also if I am not claiming new home loan for IT benefit do I need to still mention of the new property anywhere in IT?
08 February 2010
As per Sec 24(b) of the Income Tax Act, 1961 a deduction upto Rs. 150,000 towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property ( The deduction stands reduced to Rs 30,000 in case of loans taken prior to March 1, 1999 ). The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual installments commencing from the year in which the house has been acquired or constructed.
Please remember that in case of self occupied property, this deduction is allowed only for one such self - occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).
As you have more than one property then one property will be considerd as deemed letout and deduction of interest on loan is allowed on the same.
Please remember that in case of self occupied property, this deduction is allowed only for one such self - occupied property. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).
As you have more than one property then one property will be considerd as deemed letout and deduction of interest on loan is allowed on the same.
08 February 2010
There is No Such Specification in IT act.About Agriculture Land...So From My Side TDS Shud B Deducted.
08 February 2010
There is No Such Specification in IT act.About Agriculture Land...So From My Side TDS Shud Be Deducted.
09 February 2010
Kindly refer Circular No 4 /2002 dated 10-07-2002 as per this circular, in case of certain entities whose income is unconditionally exempt under section 10 and who are not statutorily required to file return under section 139 there will be no requirement for TDS since their income is any way exempt.
09 February 2010
Yes,TDS need to deduct
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