House property
RAJESH CHOUDHARY
(Querist) 06 July 2012
This query is : Resolved
Hello Experts!!!!
If 12% is the interest rate of the housing loan taken.
Then 4% will be paid by employee and remaining 8% will be paid by employer which will be taxable as perquisite in the hands of employee.
Now my doubt is this 8% interest paid by employer which is treated as perquisites can be claimed by employee u/s. 24(b) under the head house property.
Thank you!!!!!
VARUN MAHAJAN
(Expert) 06 July 2012
yes it would amount to deduction as the loan is against the person.
where as i think
VARUN MAHAJAN
(Expert) 06 July 2012
where as the amount paid by the employer is been treated as his salary income.
Adv.Ashwini Khatri
(Expert) 07 July 2012
I think r u asking 2 questions:-
1st- Taxable value of perquisite in hands of employee.
2nd- Benifite of section 24(b) of IT Ack.
Answers-
1st- Calulation of taxable value of perquisite will be held on interest rate of RBI on 01ST day of April,2011.
2nd- here benifite is available. Under section 24(b) paid interest aginst H.L. is assessable value. Assessble amount will be taken as per interest certificate from bank.
With regard,
advocate.khatri@ymail.com
