25 November 2009
Can anybody tell me regarding this situation.
My brother is working in a MNC IT Company drawing 50,000/month.He was purchased one flat in a apartment which is situated in Hyderabad for Rs38,00,000 and repairs and Modalisation cost was 4,00,000 in addition.Total 42,00,000. He was taken loan of Rs 29,00,000 from LIC and Other sum from his personal.
Can any deductions are available to him from his total income?
25 November 2009
First of all, congratulations to your brother on purchasing new flat.
Your Brother can claim following deductions while calculation of his total income - 1. Interest on Loan (Max upto Rs 150000 if Self occupied property, otherwise actual interest amount) is allowed u/s 24 while calculation of Income from House Property IHP). If this make your IHP negative, you can set off such loss from Income from salary.
2. Repayment of Principal Amount of Loan - Allowed as deduction u/s 80C (Max upto Rs. 100000) from Gross Total income
CAclubindia
