Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

tax planning

Kumar Gaurav (Going...to be C.A soon...) (1624 Points)

01 October 2007

respected all,

i want to know about tax planning of a general man who have income of Rs. 350000

can i save tax u/s 80c(100000), 80D(15000) and what about house loan interest is it 30000

thanks

Reply
Follow
Share

10 Replies

(Guest)

you can take deduction of interest loan u/s 24, (income from house property)

Upgrade to CAclubindia Pro. Subscribe Now!

CMA Gul S (Program Manager) (5910 Points)
Replied 01 October 2007

Interest of Housing Loan can be cliamed as dedcution u/s24

CA. Dashrath Maheshwari (TaXpert) (15103 Points)
Replied 01 October 2007

Hello Gaurav, you can take all the deductions you have mentioned and even you can take upto 1.5 Lac Interest on HP loan if property is self occupied and Principal repayment of HP loan in 80C upto maximum 1 Lac

CMA Gul S (Program Manager) (5910 Points)
Replied 01 October 2007

In continuation of Mr Maheshwari's comment subject to a ceiling of Rs.30,000/- ( if the property is acquired or constructed with capital borrowed on or after 1.4.1999 and if the acquisition or construction is completed before 1.4.2003, the interest allowable as deduction will be Rs.1,50,000/- instead of Rs.30,000/-).

madhukar (student) (306 Points)
Replied 01 October 2007

hi gaurav you can clime as a deduction U/s 24(ii) interest on house loan in addition to the above mentioned deductions . but you have to give annexure to the return statement of house property loss and interest statement from the bank .

Upgrade to CAclubindia Pro. Subscribe Now!

CMA Gul S (Program Manager) (5910 Points)
Replied 01 October 2007

Also you need to attach the IT Certificate from the Loan giving Institutions

Ravikumar.G (Consultant) (18525 Points)
Replied 01 October 2007

If that particular property which you have got housing finance, is let out you can claim the entire Interest you have paid, there is no ceiling limit but the respective house you can not claim the principal portion in u/s 80C.