Hi Garima,
The answesr are as follows:
1) As per the latest TDS circular Interest on Housing Loan can be claimed only for self occupied property. Hence, both cannot be claimed if the house purchased and rented are in same city.
2) You can take a declaration from the employee that the house construction is completed.
Regards,
Ritesh
On 1/10/08, Garima Gandhi <garimagandhi22@yahoo.co.in > wrote:
HiThanks for the valuable answers.Another question that arises is that if the employee has purchased/constructed a house in the same city in which he is residing in a rented house, then also deduction for HRA and housing loan can be given? Also if the house is under construction, then no deduction for housing loan is given in that year. The deduction for housing loan will be given starting from the year in which the construction is completed. Now the problem which comes is that being an employer, how can we ensure from the employees that his/her house construction is completed during the financial year so that the employee can be given deduction for housing loan.What proof should we take from the employees for the house construction being complete.
ThanksGarima
Ritesh Kumar <riteshkumaragarwal.1980@gmail. > wrote:com Hi Garima,Answer to your queries are as follows:1) You can accept both HRA and Interest on Housing Loan deduction as he is not residing in his own house on account of employment in other place which is exculsively cover in circular for TDS deduction.2) You should insist from Employees the provisional statement from bank as on date in January. The statement will have actuals from April to January and Provsional from February to March. Further the provisionals for two months will be more or less equivalent to actuals only. Even if there is a change in interest it will take effect from April of Next Fiscal year only.Regards,Ritesh Kumar AgarwalManager - Finance & AccountsMosChip Semiconductor Technology LimitedHyderabad,.Ph No. 23379440
On 1/7/08, CA Amresh Vashisht-Moderator < amresh_vashisht@yahoo.com > wrote:---------- Forwarded message ----------Dear MembersThis in relation to TDS dedcuted by employer while taking into consideration rent receipts and House loan papers submitted by employees.The query is as follows:An employee has taken a housing loan to purchase a house in City A.He is residing in a rented house in City B due to employment purpose. Now at the year end, that employee submits rent receipts for the rent paid during the year and also a statement showing the amount of Principal and Interest paid in relation to that housing loan for that year.Now, being an employer, should I accept both the rent reciepts and that statement of housing loan while calculating his tax liability.There is one more problem. Being an employer,Tax documents are accepted by us from the employees till 31st Jan-07. Till 31st Jan-07, no bank/financial institution gives actual statement for claiming deduction of Home Loan under Income Tax Act. They only provide "Provisional Statement for claiming deduction u/s 24(b) & 80C of the Income Tax Act,1961."This statement states only the amt. of principal and interest payable during the year and not the actual principal and interest paid.Please guide me on this matter.Thanks in anticipation.Garima
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From: Garima Gandhi < garimagandhi22@yahoo.co. >in
To: ICAI_CIRC_MEERUT_CA-owner@ yahoogroups. com
Date: Mon, 7 Jan 2008 12:05:42 +0000 (GMT)
Subject: HRA/Home Loan Interest
Dear MembersThis in relation to TDS dedcuted by employer while taking into consideration rent receipts and House loan papers submitted by employees.The query is as follows:An employee has taken a housing loan to purchase a house in City A.He is residing in a rented house in City B due to employment purpose. Now at the year end, that employee submits rent receipts for the rent paid during the year and also a statement showing the amount of Principal and Interest paid in relation to that housing loan for that year.Now, being an employer, should I accept both the rent reciepts and that statement of housing loan while calculating his tax liability.There is one more problem. Being an employer,Tax documents are accepted by us from the employees till 31st Jan-07. Till 31st Jan-07, no bank/financial institution gives actual statement for claiming deduction of Home Loan under Income Tax Act. They only provide "Provisional Statement for claiming deduction u/s 24(b) & 80C of the Income Tax Act,1961."This statement states only the amt. of principal and interest payable during the year and not the actual principal and interest paid.Please guide me on this matter.Thanks in anticipation.Garima
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