Hi,

I want opininon about tax deduction on housing Loan. I'm living in a rented accommodation paying monthly rent of about Rs. 5000.00 paer month. I hv purchased a plot for investment purpose only and not meant for construction/living and taken an housing loan for the said plot paying monthly intalments inclusding Interest + principal amount.

Now, I want to know whether I'm entitled to Income Tax deduction or not on the said loan. If yes, on what portion (Interest/principal)

Bye

Naveen

Quote:

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Originally Posted by navy349

Hi,

I want opininon about tax deduction on housing Loan. I m living in a rented accommodation paying monthly rent of about Rs. 5000.00 paer month. I hv purchased a plot for investment purpose only and not meant for construction/living and taken an housing loan for the said plot paying monthly intalments inclusding Interest + principal amount.

Now, i want to know whether i m entitled to Income Tax deduction or not on the said loan. If yes, on what portion (Interest/principal)

Bye

Naveen

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For tax purposes it appears nothing would be deductible. Certainly not the principal. It may be possible to deduct the interest portion as investment interest expense provided the loan is bona fide.

Are you talking about U.S. taxes or Indian taxes?

Hi,

I resides in chandigarh (India). I applied for immigration to canada in Nov 2002. But till date I hv not heard from the canadian consulate. Their official website is also not very helpful regarding time process they want to process my application.

Can you provide me the information regarding time process they require to process cases pertaining to Nov 2002 ?

Also I came to know that there is some legal process under which I can have my file photocopied where Immigration Officer has put his remarks after payment of requisite fees. Is it true ? If yes, what is the procedure ?

Bye

Naveen

Sorry, I cannot help you. I have virtually NO knowledge of Canadian or Indian tax law.