Tax on hp

manisha (cs) (1118 Points)

10 February 2016

taken loan 50 lakh and paid interest 2 lakh interest 2nd case wothout loan purchase hp at 50 lakh plz gv tax implication

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vishnu bhardwaj (Tax Advocate) (212 Points)
Replied 10 February 2016

when you taken loan intrest paid - intrest is less from hp income and principal payment is shown in deduction u/s 80c .

without loan it is add in your balance sheet

manisha (cs) (1118 Points)
Replied 10 February 2016

Which is more beneficial to ho for loan or not

vishnu bhardwaj (Tax Advocate) (212 Points)
Replied 11 February 2016

to taken loan is beneficial for you because the principal and intrest amount is used as deduction

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