Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Deduction in Respect of Interest on Loan Taken for Acquisition of RHP
Deduction in Respect of Interest on Loan Taken for Acquisition of RHP Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Deduction in Respect of Interest on Loan Taken for Acquisition of RHP Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the deduction in respect of interest on a loan taken for the acquisition of RHP? |  |
Ans. The deduction in respect of interest on a loan taken for the acquisition of RHP refers to the tax benefit that individuals can claim on the interest paid on loans taken for acquiring residential house property (RHP). This deduction can be claimed under certain conditions as per the tax laws.
| 2. What are the conditions for claiming the deduction on interest paid for the acquisition of RHP? | |
Ans. To claim the deduction on interest paid for the acquisition of RHP, the following conditions must be met:
- The loan should be taken for acquiring or constructing a residential house property.
- The loan should be taken from a financial institution, like a bank or a housing finance company.
- The acquisition or construction should be completed within a specified time period.
- The taxpayer should be the legal owner or co-owner of the property.
| 3. Is there a limit on the amount of deduction that can be claimed for interest on the loan taken for the acquisition of RHP? | |
Ans. Yes, there is a limit on the amount of deduction that can be claimed for interest on the loan taken for the acquisition of RHP. Currently, the maximum deduction allowed is up to Rs. 2 lakh per financial year. However, if the property is not self-occupied and is rented out, the entire interest paid on the loan can be claimed as a deduction without any upper limit.
| 4. Can the deduction on interest paid for the acquisition of RHP be claimed for a loan taken from a friend or a relative? | |
Ans. No, the deduction on interest paid for the acquisition of RHP can only be claimed if the loan is taken from a financial institution, like a bank or a housing finance company. Loans taken from friends or relatives do not qualify for this deduction. The loan should be taken from a recognized lender and proper documentation should be in place.
| 5. Are there any other conditions or requirements to be fulfilled to claim the deduction on interest paid for the acquisition of RHP? | |
Ans. Apart from the conditions mentioned earlier, there are a few additional requirements to claim the deduction on interest paid for the acquisition of RHP. These include providing the necessary documents and proofs, such as loan agreement, interest certificate, completion certificate (if applicable), and possession proof of the property. These documents may be required to be submitted to the tax authorities as and when required.
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Nov 16, 2024 Last updated |
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