TMI BlogHousing Loan Benefit u/s 192X X X X Extracts X X X X X X X X Extracts X X X X ..... We as an employer provides loss from house property benefit while deducting tax u/s 192 . We consider self occupied property as well as let out property and as a result an employee gets relief for more than one house and the deduction limit is not restricted to Rs 1,50,000. We satisy ourselves with all right kind of documents in this regard. One of the big 4 firms are dusputing this claim and sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys that only as an employer I am liable to provide relief for one house i.e., self occupied property and interest amount should be restricted to rs 1,50,000. However going by the provisions of section 192 , it no where talks about the same. Valuable opinion are solicited from the members of this site. - Reply By Surender Gupta - The Reply = Yes, you are right, provisions of section 192(2B) clea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rly states that "Loss from House Property" can be considered by the employer while deducted TDS from salary. But, in my view this provision has been introduced considering the loss from house property due to self occupied property. Employer can ascertain and verify the maximum amount of permission loss from the facts and details provided by the employee in case of self occupied property. But, in c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of let out property, it may the the fear in the mind of employer that, it is not be possible for him (employer) to ascertain the same correctly and therefore, if he deduct TDS on lower amount (after given effect of incorrect loss), income tax officers will not leave him without facing the consequences. You are correct that section 192(2B) does not specifically differentiate between loss from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... self occupied property or loss from let out property therefore you may take up the matter with the employer and allay the fear of the employer by referring the above provisions. - Reply By Yash Guota - The Reply = In my view an employer should only consider the interest amount on loan borrowed u/s 24 for the self occupied House Property and should not extend the benefit of allowing the employee t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o declare loss under the head 'Income form House Property' considering all the provisons / sections 22 to 27 which may also include the employee's rented out house property. - Reply By DEV KUMAR KOTHARI - The Reply = On bare reading of S. 192 you can consider the loss under head 'income from house property' based on relevant information duly supported by declaration of employee. As employer, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction can be allowed only against salary income and not income form other source, if any declared by employee to employer. However, you advise your team to carefully read the Circulars of board which are issued every year i.r.o. salary and TDS. - Housing Loan Benefit u/s 192 - Query Started By: - Rahul Bagaria Dated:- 30-7-2010 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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