tax deduction??
Querist :
Anonymous
(Querist) 01 October 2010
This query is : Resolved
dear sir,
i recently taken bank loan, in march Rs.20lks, we are already submitting IT RETURNS from past 2yrs.
so hw much of tax deduction can v hv to pay??
Basavaraj
(Expert) 01 October 2010
pls consult tax person for this...
R.Ramachandran
(Expert) 01 October 2010
Dear Anonymous,
I presume that the loan taken by you is an Housing Loan.
If so, you are entitled to deduct from your total income, the interest paid by you during the year i.e. April to March, towards the loan, to the maximum extent of Rs. 1.5 lakhs, if it is a self-occupied house. If the house has been rented out, then the entire interest paid by you during the year can be deducted from your income and income tax according to the applicable slab is payable only on the remaining income.
You are also entitled to deduction under Section 80C to the maximum extent of Rs. 1 lakh (this is towards your Provident Fund Savings, Savings in Tax Bonds, and also the principal amount repaid by you towards your housing loan etc.)
aman kumar
(Expert) 07 October 2010
if its i housing loan you can claim after the payment on interest @ innstt. amount up to 1 lac for principal amount ,1.5 lac for interest con not claim for past , bt you can summit the revised return for that one year in which you take loan
Khaleel Ahmed Mohammed
(Expert) 07 October 2010
