18 March 2009
My Employee have a housing loan towards which i pay an interest of Rs.3.50 Lacs Per Annum. Can I claim full deduction of Rs.3.50 Lacs from the taxable income?
18 March 2009
No deduction can be claimed by you in Section 24(b), as Devanshi said. But In my views, if he is your employee, then you must be having a Business. You can claim this payment as employee welfare or reimbursement in your profit and Loss Account. Then it shall be part of salary of your employee. What are your views on this Devanshi. Is it possible practically???
19 March 2009
No You can't, as you are not a owner of house property. But for tax planning purpose, you can calim this expenditure as a part of your employee salary.
CAclubindia
