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    navy349's Avatar
    navy349 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2007, 03:44 AM
    Income Tax deduction
    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
    delite's Avatar
    delite Posts: 202, Reputation: 3
    Full Member
    		  
    #2

    Feb 20, 2007, 09:25 AM
    Quote 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
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 20, 2007, 11:03 AM
    Are you talking about U.S. taxes or Indian taxes?
    navy349's Avatar
    navy349 Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Feb 20, 2007, 10:37 PM
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Feb 21, 2007, 10:37 AM
    Sorry, I cannot help you. I have virtually NO knowledge of Canadian or Indian tax law.
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