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Urgent Pls

Tax queries 390 views 1 replies

Praveen Kumar

CA-Final Article Assistant

85 Points Joined June 2009

Hiii

One of my friend got housing loan from bank. And my understanding is principal amount can get deduction from 80c & interest can claim from Sec.24(income from house property):- My doubt is

(i)In Form No:-16a where should i show interest on housing loan as deduction.( if interest on housing loan shown as deduction in form no:-16a he will come under below tax slab)

So please clarify ths as soon as possible.

Replies (1)

Rahul Agarwal

Future CA

217 Points Joined December 2007

As per me Praveen you are not his tax computer your job is only to issue TDS certificate.

So you do your part of work and later on when your friend will be filing return he can clainm the niterest on housing loan as an expense and claim the TDS earlier deducted as refund from the IT authorities.