SOME POINTS TO KEEP IN MIND ABOUT INTEREST ON HOUSE LOAN FOR TAX REBATE ON INTEREST

PRE CONSTRUCTION INTEREST

MONEY MAY BE BORROWED PRIOR TO THE ACQUISITION OR CONSTRUCTION OF THE PROPERTY. IN SUCH A CASE, INTEREST PAID/PAYABLE BEFORE THE FINAL COMPLETION OF CONSTRUCTION OR ACQUISITION OF THE PROPERTY WILL BE AGGREGATED AND ALLOWED FOR FIVE SUCCESSIVE FINANCIAL YEARS STARTING WITH THE YEAR IN WHICH THE ACQUISITION OR CONSTRUCTION IS COMPLETED. THIS DEDUCTION IS NOT ALLOWED IF THE LOAN IS UTILIZED FOR REPAIRS, RENEWAL OR RECONSTRUCTION. PRECONSTRUCTION INTEREST IS COUNTED FROM THE PERIOD FINANCIAL YEAR IN WHICH LOAN LOAN IS DISBURSED TO THE FINANCIAL YEAR PRECEDING THE FINANCIAL YEAR OF COMPLETION.

PRE EMI INTEREST

INTEREST  DUE UP TO THE START OF PAYMENT OF FIRST INSTALMENT.

EXAMPLE

LOAN AMOUNT :                                      RS. 1000000/-

INTEREST           :                                        10%

MONTH OF LOAN DISBURSAL:               JAN 2005

MONTH OF COMPLETION OF HOUSE: JAN 2009

START OF 1ST LOAN RECOVERY:              JAN 2006

INTEREST

2005_06: 3000/-

2006_07: 40000/-

2007_08; 37000/-

2008-09: 34000/-

PRE EMI INTEREST-

JAN 2005 TO DEC.2005.IT IS PAID WITH EMI OF JAN 2006.

PRECONSTRUCTION INTEREST

JAN 2005 TO MARCH 2008.IT IS DIVIDED IN 5 PARTS PAYABLE IN 5 YEARS.1ST PART PAYABLE WITH INTEREST OF 2008-09 EVEN IF THE HOUSE IS COMPLETED IN MARCH 2008.

INCOME TAX RELIEF:

TOTAL INTEREST=3000+40000+37000=80000/-

RELIEF ON INTEREST IN 2008-09=34000+160000=50000/-

IT WILL BE 16000/- PER YEAR FOR FOUR MORE YEARS +INTEREST OF THAT YEAR.

 CURRENCY IN NUMBER TO WORDS CONVERTER IN PUNJABI

This Is The File Needed To Display The Number As Text Format In Punjabi Language In Amritlipi-2 Font.

To Use This Function,We 1st Need To Install  Amrit Lipi-2 Font After Downloading It From The Link Avalable At The Bottom This Post.

Next Download The SakshamAddIn File From The Link Available At The Bottom This Post & Save It In Computer . Open Microsoft Excel-2003 Or Lower Version. Click On Tools>Add-Ins. Click On Browse And Navigate To Wherever You Saved The SakshamAddIn.Xla And Then Click Ok. You Have Installed The SakshamAddIn.

If Ms Excel -2007 Or Higher Version Follow These Steps.

Click  Ms Excel  === Excel Options === Add-Ins  === At The Right Side In Bottom Line,Select Excel Add-In & Click On Go  ===   Browse ===  Select SakshamAddIn =====    Click Ok                                                                                   

How To Use SakshamAddIn?

You Can Use SakshamAddIn By Directly Entering The Functions Into A Cell Like =Rspunjabi(XX)   Where XX Is The Reference Of The Cell You Want To Convert. Please Keep In Mind That The Cell Where U Want Currency In Punjabi Text,The Font Of That Text Should Be Amritlipi-2 Font.

Download Amritlipi-2 Font & paste in Fonts folder of window.

Download Amritlipi-2 Font & paste in Fonts folder of window.

Download SakshamAddIn

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