Accountant not giving Deduction for Home Loan

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  1. Nissim

    Nissim New Member

    I have a home loan and wish to claim tax deduction for for the Principal as well as the Interest (under section 80C and 24 respectively) My previous companies have given me this deduction, while the accountant in the new company says I will get a deduction u/s 80C and the rest can be claimed while filing returns. What can I do? (The internet is flooded with information that deduction can be given under both the sections by the accountant) Please advise.

    Also, I am staying in this same house that has the loan on it.
  2. Shishir Nayak

    Shishir Nayak Member

    You can avail deduction at the time of filling of return.
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    If you have furnished all the documents, it is the responsibility of the company's accountant to consider these deductions. He cannot deny you the deduction.

    Alternatively, you can also claim this deduction at the time of filing of income tax return. In such cases, the TDS deducted would be more than the actual income tax liability and a refund would be due to you which would be given to you after 6 months of filing of income tax return.

    So for Financial year 2014-15, you would be filing the return in July 15 and you can expect the refund by Dec 15.

    It would be better if you ask your accountant for the reason why he is not giving you the deduction
  4. hemanth k

    hemanth k New Member

    dear frd you can claim deduction under both the sections viz u/s24b&80c.
    Section 24 B for up to Rs1.5 lakh in case of a self-occupied house. In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs1.5 lakh interest component deduction. The best part is that this limit is only for self-occupied house.
    You can avail of both the benefits of Home loan and HRA if you are paying rent on your accommodation and have also taken a home loan on your own home. This is subject to your home receiving rental income which is taxable.
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