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INTEREST ON HOUSING LOAN

13 August 2010

HELLO FRIENDS

IF THE INTEREST CERTIFICATE PROVIDED DOES NOT MENTION THE DATE OF LOAN, HOW TO FIND OUT THE MAXIMUM DEDUCTION ALLOWABLE. (IN THE CASE OF SELFOCCUPIED HOUSE) RS,30000/- OR RS.150000/-

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8 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 13 August 2010

The person must be knowing when the loan was taken and when the house was purchased. It can be known from that.

Also the old limit was if loan taken before 01.04.1999. So the person may be knowing whether the loan was taken 10 years before or now.

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Arvind Pandey (Deputy Finance Manager) (47 Points)
Replied 13 August 2010

u can get maximum deduction of Rs.150000 and u can get statment from the bank

(Guest)

maximum deduction is Rs.1,50,000/-

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 14 August 2010

BETTER TO ASK PERSON WHO HAS TAKEN LOAN, HE DEFINATELY HAVE SUCH INFORMATION. IF NOT AVAILABLE, ASK HIM TO PROVIDE THE DETAILS FROM BANK.

REGARDS,

MANOJ

Mahendra (CA-Final) (91 Points)
Replied 16 August 2010

A Certificate from the Banker will serve ur purpose..

Ask him to get it from the Bank itself.

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Mahendra (CA-Final) (91 Points)
Replied 16 August 2010

A Certificate from the Banker will serve ur purpose..

Ask him to get it from the Bank itself.

Prashant (Article Assistant) (28 Points)
Replied 17 August 2010

Agreed wit Mahendra..

HARI PRASAD (M.COM) (172 Points)
Replied 01 October 2010

GREETINGS!

I WOULD LIKE TO COMMENT ON GIVEN QUERY UNDER PURVIEW OF MY KNOWLEDGE SO, the given query which was actualy not pertaining the details of LOAN taken date though the solution would be like this

the int of the loan taken amount would be allowed as deduction up to Rs 1,50,000 when the the construction or acquisitation of of the house property should comleted with in 3 years of the finnacial year in which home loan taken,otherwise the amount of dedution would be Rs30,000 only.