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Moneycontrol.com >> Message Board >> View Messages >> Tax Planning & Help
   You are here :     Moneycontrol     MMB    Personal Finance      Tax Planning & Help                         Most active discussions of 2006 , 2007 & 2008
TAX EXEMPTION FOR PAYMENT MADE TO GNIDA (3)   26-Jun-08 23:30Tracked by (0)  
Posted by:   Guest on ( 26-Jun-08 23:30 )
Sir,

Recently GNIDA floated a scheme for residential houses where in there will be lucky draw for all applicants.All applications were made with 10% of the cost of the house as application/registration amount.

After Draw,GNIDA collects from succesfull applicants rest 90% amount in 3-4 yrs in equal half yearly installments with interest @ 11%.

As this interest is for house purchase along with principal,will this interest and principal(principal upto 1 lakh in a year) be applicable for tax exemption under home loan exemptions clauses.

Regards,
Ashok
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