17 April 2012
HELLO SIR/MEM I M TAKING A LOAN OF 8 LAKH FROM LIC HOUSING FINANCE AND GOING TO A BUY A PLOT IN MY CITY ON MY MOTHERS NAME.IS THIS LOAN WILL HELP ME IN INCOME TAX SAVING. IF NOT THEN WHAT I CAN DO FOR INCOME TAX SAVING.PLEASE ANSWER ME OUT SOON SIR .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
Dear Sir/Madam,
Is it mandatory to generate form 16 & issue to employee from Tin website by filing return ,though TDS is not deductible of the employee in Pvt. Ltd. company ?
17 April 2012
If u r purchasing plot i.e. land, then House Property will not be applicable and u cannot claim interest on such loan. If the employer has not deducted tax, then he will not issue any Form 16 to u.
Taking loan in the name of your mother will not help you claim deduction under income tax act, however if you want to purchase a house, you can take it in joint name with your mother.. in that case you can claim interest deduction under section 24 and principle repayment deduction under section 80 C of income tax Act.
CAclubindia
