Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 22 March 2019
Yes, deduction of interest over home loan is allowed maximum of Ts. 2 lakhs (per year), and balance amount is carried forward upto 8 years.
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 March 2019
mahaesh
(Bangalore )
(113 Points)
Replied 22 March 2019
Then i can claim Interest amount of Rs. 150000/- (Rs.3,50,000-Rs.2,00,000) as deduction in next year.
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 March 2019
mahaesh
(Bangalore )
(113 Points)
Replied 22 March 2019
ok if i pay Interest of Rs.200000/- next year can i claim it as deduction ?
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 March 2019
mahaesh
(Bangalore )
(113 Points)
Replied 22 March 2019
in which section of income tax it is said interest over Rs. 200000/- is lapsed ?
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 March 2019
mahaesh
(Bangalore )
(113 Points)
Replied 22 March 2019
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 March 2019
mahaesh
(Bangalore )
(113 Points)
Replied 22 March 2019
In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of acquisition or construction of house property shall be allowed as deduction up to Rs. 2 lakhs. The deduction shall be allowed if capital is borrowed on or after 01-04-1999 and acquisition or construction of house property is completed within 5 years.
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 March 2019
CAclubindia
