TAX Treatment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2011 Dear Friends

Situation: Being Pur Flat Rs 900000/-

stamp duty and registration paid Rs 50,000/-

Loan taken from freind for flat RS 650000/-

Interest paid to friend agst loan Rs 52000/-

Principal Paid to freind agst Loan RS 68000/-

Suggest the Tax treatment on above transaction

Thanks in advance

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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30 March 2011 Hi,

Interest benefit can be claimed under Sec 24 ( Limit of Interest for SOP is Rs.1.5lacs, LOP is Unlimited assuming thtat it is New loan borrowed after 01/04/1999 )

Stamp Duty & Pricipal Repayment can be claimed under Sec 80 C subject to the Limit of Rs. 1,00,000/-

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons