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Should i get income tax deduction
by ranjeet kumar on Apr 20, 2007 05:08 PM   Permalink | Hide replies

Sir,
I had puchase home buy taking a personal loan,should I claim those EMI as for tax benifit. I also paid some amount from my personal savings. Wht is the way to claim as a home loan.

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  RE:Should i get income tax deduction
by Ashok Das on Apr 20, 2007 05:37 PM   Permalink
You can get deduction only if you obtain certificate as repayment of house building loan from your financier. Talk to them if the conversion is possible;e

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  RE:Should i get income tax deduction
by Raj Karambelkar on Apr 20, 2007 05:52 PM   Permalink
You should receive a Provisional certificate from the bank/institution from where you have taken the loan. Attach the copy of that certificate while filing your returns. If your employer give an option to you where you can declare the amount well in advance to them, than do that immediately. This way you will start getting the benefit on a monthly basis. i.e your monthly take home will increase. You can avail upto Rs 150000 on interest component and upto Rs 100000 on principal component.

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The above message is part of the Discussion Board:
All these incomes are tax-free