Break-up of Home Loan EMI for claiming Deduction

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  1. TOMS KATTOOR

    TOMS KATTOOR New Member

    I am working for a Nationalised bank, and availed housing loan of Rs 1200000/- on 12.01.2012 under staff scheme. under staff HL scheme simple interest is charged. Repayment of the loan is as under
    principal is repayable in 180 monthly installments and thereafter interest in 60 monthly installments.
    From 01.04 2014 to 31.03.2015 repayment Rs 111600/=
    Interest accrued from 01.04.2014 t0 31.03.2015 is Rs 59300/=

    Whether I can claim deduction under Se 24 Rs 59300/= and
    deduction under 80 C Rs 111600/=
    OR
    Sc 24 interst amount Rs 59300/=
    and Sc 80 C Rs 52300 /= ( 111600 - 59300)
    Clarification of this doubt is highly appreciated
    Toms kattoor
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    The 1,11,600 repaid by you is inclusive of interest.

    Therefore, principal component = 1,11,600 - 59,300 = 52,300 (to be claimed as deduction under Section 80C)

    Interest accrued = 59,300 (to be claimed as a deduction under Section 24)
     
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