Dear All, If a company provides housing loan to its employee can the employee claim tax exemption under Sec 80C for the principal amount and on interest??? Please advice Regards, Komal
From India, Mumbai
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From India, Mumbai
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Dear Komal the answer is Yes. You can claim tax exemption under 80 C of the Income tax Act for both Principal & interest on Housing Loan provided by your company. Regards. Jawed Alam
From India, Dhanbad
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78From India, Dhanbad
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Hi, Can any one know how to deduct amount for Principal & interest on Housing Loan under IT.
From India, Madras
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From India, Madras
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Tax Exemption on Housing Loan Components
The housing loan interest component will be deducted from the gross salary under Section 24, subject to a ceiling of ₹150,000 in a financial year. The principal component will be counted under Section 80C for a maximum of ₹100,000.
Regards,
Pon
From India, Lucknow
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The housing loan interest component will be deducted from the gross salary under Section 24, subject to a ceiling of ₹150,000 in a financial year. The principal component will be counted under Section 80C for a maximum of ₹100,000.
Regards,
Pon
From India, Lucknow
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Thanks for your comments. I'm having the rules for IT deduction under a housing loan. The rules say Pre-EMI cannot be claimed now; it can be claimed only after the acquisition of the house. But my concern is, our employee is paying Pre-EMI. His full amount will be disbursed within four months. After that, he will be paying EMI. Now, I don't know how to proceed. Can you please guide me?
From India, Madras
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From India, Madras
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Dear Bharathi, you need to go to this weblink FAQs: Income tax & home loans for your complete solution.
Understanding Pre-EMI and Tax Deductions
I'm having the rules for IT deduction under the Housing loan. The rules state that Pre-EMI will not be claimed now; it can only be claimed after the acquisition of the house.
My concern is that our employee is paying Pre-EMI. The full amount will be disbursed within four months, after which he will be paying EMI. I am unsure of how to proceed. Can you please guide me?
Regards
From India, Gurgaon
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Understanding Pre-EMI and Tax Deductions
I'm having the rules for IT deduction under the Housing loan. The rules state that Pre-EMI will not be claimed now; it can only be claimed after the acquisition of the house.
My concern is that our employee is paying Pre-EMI. The full amount will be disbursed within four months, after which he will be paying EMI. I am unsure of how to proceed. Can you please guide me?
Regards
From India, Gurgaon
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