Parmod Agarwal (Assistant Manager) (394 Points)
27 September 2011Dear All,
Our Company has provided loan @ 7% per annum. Some employees want that we will treat this loan as housing loan. what will be documentary evidence required for us to allow this loan as housing loan and whether the interest paid on this loan is allowed as deduction us 24b? please clarify the same.
thanks
Parmod
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 23 November 2011
please note that to treat the loan as housing loan, you will have to confirm with the company that if the loan is provided to the employees under the Employees Housing Scheme.
Also the documentary evidence will be the Certificate provided by your co stating that so much of the amount is being paid/payable by the employee towards Principal & Interst. On the basis of this certificate only you can claim deduction u/s 24(b)
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 23 November 2011
please note that to treat the loan as housing loan, you will have to confirm with the company that if the loan is provided to the employees under the Employees Housing Scheme.
Also the documentary evidence will be the Certificate provided by your co stating that so much of the amount is being paid/payable by the employee towards Principal & Interst. On the basis of this certificate only you can claim deduction u/s 24(b)
CAclubindia
