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Housing Loan Exemption

hari2009 (Executive) (224 Points)

27 March 2009

hi all,

i have doubt in housing loan:

one of our employee took housing loan in the year april2007-to march 2008,

for how many years he can took the benefit of housing loan exemption

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7 Replies

Pavan Jain S (Chartered Accountant) (1575 Points)
Replied 27 March 2009

Exemption under which section???

Section 80C gives exemption on repayment of principal amount - no period is precribed for exemption

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Natwar Agrawal ( Student- CA- final BBA) (276 Points)
Replied 27 March 2009

under section 80c of income tax act an assessee can claim deduction upto Rs100000 (MAX) on repayment of principle amount of loan.

CA.Nikhil Gupta (PRACTICE) (768 Points)
Replied 27 March 2009

deduction on pricipal u/s 80 C and Intrest repayable u/s 24 will continue till loan is repiad.

Manmohan ACA, CS (Chartered Accountant ) (14243 Points)
Replied 27 March 2009

deduction u/s 24(b) in respect of interest can be claimed in the tera in which interest accrues
deduction u/s 80C in respet of repayment of principal amount can be claimed in the year when the repayment was made

Note: deductions subject to fullfillment of other condition mentioned in respective sections

Vinod Vyas (Student) (34 Points)
Replied 02 April 2009

Originally posted by :harinath

hi all,
i have doubt in housing loan:
one of our employee took housing loan in the year april2007-to march 2008,
for how many years he can took the benefit of housing loan exemption

Hi,

he can took benefit of housing loan exemption till that loan will not repay.

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Dinesh Sharma (Service) (17 Points)
Replied 07 April 2009

Deduction for interest is available on accrual basis
Deduction for Capital Repayment is availble till the amount is repaid

CA RAMESH KUMAR AHUJA (CA, DISA, LLB) (5452 Points)
Replied 08 April 2009

Exemptions or deductions are available till the housing loan is repaid in full or there is an amendment in Income tax Act putting restrictions on such deductions.