Housing Loan Benefit u/s 192

[Rahul Bagaria]

We as an employer provides loss from house property benefit while deducting tax u/s  192. We consider self occupied property as well as let out property and as a result an employee gets relief for more than one house and the deduction limit is not restricted to Rs 1,50,000. We satisy ourselves with all right kind of documents in this regard. One of the big 4 firms are dusputing this claim and says that only as an employer I am liable to provide relief for one house i.e., self occupied property and interest amount should be restricted to rs 1,50,000. However going by the provisions of section 192, it no where talks about the same. Valuable opinion are solicited from the members of this site.

AI Summary

Employer Offers Tax Relief Exceeding Rs 1,50,000 Limit; Dispute Over Section 192 Interpretation for Self-Occupied vs Let-Out Properties An employer is providing tax relief under section 192 for losses from both self-occupied and let-out properties, exceeding the Rs 1,50,000 limit. A major firm disputes this, arguing relief should only apply to self-occupied properties. Respondents discuss the interpretation of section 192, with one suggesting that employers verify losses for self-occupied properties due to potential issues with let-out properties. Another advises limiting relief to self-occupied properties under section 24. It is recommended that employers consult relevant circulars and declarations from employees to ensure compliance.