Section 194j - can claim home loan interest/principle

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2012 i'm working in a corporate as a consultant and they are deducting tax under section 194J.
1. Are we entitled to get refund of excess TDS on filing ITR.

2. Also, housing loan interest(150000) and principle amount(100000) can be claimed on the excess TDS, when filing ITR.

say for example, for the
salary of 450k ,
tax limits is 180k , (-)

house interest 150k , (-)
house principle 100k , (-)
============================
balance 20k net taxable.

please let me know whether housing loan interest and principle amount are applicable for Consultants.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 January 2012 You have to include Professional Income also except the Salary Income of Rs 450K, and, you can claim refund of TDS credited to
your account by deducting the tax liability.
.
You are eligible to get House Interest U/s 24 and Repayment of Principal amount of Housing Loan U/s 80C.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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CA Manish Agrawal

CA Manish Agrawal (Expert)
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30 January 2012 Yes you are entitled to exemption of housing loan interest upto Rs. 150K and upto Rs 100k on payment of principle. If you are filing return in the capacity of an individual.