TaxTMI 
TaxTMI 
DEduction for Interest on housing Loan
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....Eduction for Interest on housing Loan<br> Query (Issue) Started By: - GYAN JAIN Dated:- 21-6-2010 Last Reply Date:- 22-6-2010 Income Tax<br>Got 1 Reply<br>Income Tax<br>One of My client claim interest....
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.... on housing loan Rs 77541 and setoff against Interest Income under head other sources . The owner of the House is Father of the client and the repaymnet of interest and instalment was made by the clie....
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....nt . The AO not allowed to set off the interest income and want to initiate penalty proceedings under section 271(1)c. Guide me Reply By DEV KUMAR KOTHARI: The Reply: Give full facts- how the flat is....
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.... used - by assesses for business and profession or residence, nature of income of assessee under different heads- salary, business, other sources. Why loan including interest is paid by assessee thoug....
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....h his father is owner. what is understanding between assessee and his father in this regard. Explore in what other manner interest can be allowed in hands of assessee by treating EMI (or at least int....
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....erest element) as rent or a payment in lieu of rent. Explore how this can be claimed under any other provision as business expenses or a deduction u/c VIA. How the inadvertent mistake, if at all, to....
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....ok place- bonafide of claim to be established. otherwise addition and penalty both may be attracted.<br> Discussion Forum - Knowledge Sharing ....