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Wednesday, 31 May 2017


For becoming successful, the most important thing is to see what a person does in his/her spare time. One can waste time in watching movies, sleeping or can do any of the following activities which relate to his passion. One can express himself/herself and utilise his time and come out of slavery.
·      Start writing books
·      Start finding out/identifying your passion
·      Designing dresses, jewellery
·      Drawing painting
·      Teach mehndi design, cookery, bakery etc.
·      Developing variety of hair styles, makeup etc.
·      Finding out some outsourced work from companies as content writer
·      Helping start up in writing marketing plan
·      Writing business plan for new ventures
·      Helping companies in drafting legal work
·      Create website designs for companies
·      Start teaching new recipes for new food
·      Start writing books for children, adults
·      Start doing SEO/digital marketing for companies
·      Design brochure/pamphlets etc. for companies
·      Helping small companies with their HR work, accounting, legal work
·      Design logo etc. for new companies
·      Teach part-time with college or education companies
·      Take part time assignments from education companies
·      Software development
·      Procurement idea creator
·      Advertising ideas
·      Handle twitter, LinkedIn, Facebook accounts of companies
·      Become coach to students/professional in different fields
·      Interior decoration, etc.
Many activities are available. Think seriously that you don’t want to be corporate slave whole life and want to live life on your own terms. Be financial independent and live your life to the fullest.

Tuesday, 18 April 2017


When trying to solve a problem, it is very important to consider alternate solutions instead of moving forward with the first idea. Picking one idea and proceeding until a solution is reached is called vertical thinking and this is the type of thinking that is most often used by 99% people worldwide.
When thinking laterally, you continue to generate ideas even after a promising idea has been produced. A vertical thinker must always be moving usefully in some direction and must be correct at every step.
1.     A lateral thinker can wander in different directions to find creative solutions and often may be wrong in order to be right in the end. Lateral thinkers welcome and explore seemingly irrelevant facts or ideas, whereas vertical thinkers shut out all irrelevant data.
2.     Vertical thinking is analytical, lateral thinking is provocative.
3.     With vertical thinking one has to be correct at every step, with lateral thinking one does not have to be. 
4.     Vertical thinking is sequential, lateral thinking can make jumps. 
5.     With vertical thinking one uses the negative in order to block of certainty. With lateral thinking there is no negative.
6.     With vertical thinking on concentrates and excludes what is irrelevant, with lateral thinking one welcomes chance intrusions. 
7.     With vertical thinking categories, classifications and labels are fixed, with lateral thinking they are not. 
8.     Vertical thinking follows the most likely path; lateral thinking explores the least likely.
9.     Vertical thinking is a finite process; lateral thinking is a probabilistic one.

Friday, 10 June 2016


The various categories of electronic evidence such as website data, social network communication, e-mail, SMS/MMS and computer generated documents poses unique problem and challenges for proper authentication and subject to a different set of views.
The information technology has brought into existence a new kind of document called the electronic record. This document can preserved in same quality and state for a long period of time through encryption processes reducing the chance of tampering of evidence. This document can be in various forms like a simple e-mail or short message or multimedia message or other electronic forms.
The Indian Evidence Act, 1872 and Information Technology Act, 2000 grants legal recognition to electronic records and evidence submitted in form of electronic records. According to Information Technology Act, 2000 “electronic record” means data, record or data generated, image or sound stored, received or sent in an electronic form or micro film or computer generated micro fiche. The Act recognizes electronic record in a wide sense thereby including electronic data in any form such as videos or voice messages. The Information technology has made it easy to communicate and transmit data in various forms from a simple personal computer or a mobile phone or other kinds of devices. The Information Technology Amendment Act, 2008 has recognized various forms of communication devices and defines a “communication device”.

“communication device” means cell phones, personal digital assistance or combination of both or any other device used to communicate, send or transmit any text, video, audio or image.

The Indian IT Act 2000 lays down a blanket permission for records not to be denied their legal effect if they are in electronic form as long as they are accessible for future reference.

The evidentiary value of an electronic record totally depends upon its quality. The Indian Evidence Act, 1872 has widely dealt with the evidentiary value of the electronic records. According to section 3 of the Act, “evidence” means and includes all documents including electronic records produced for the inspection of the court and such documents are called documentary evidence. Thus the section clarifies that documentary evidence can be in the form of electronic record and stands at par with conventional form of documents.

The evidentiary value of electronic records is widely discussed under section 65A and 65B of the Evidence Act, 1872. The sections provide that if the four conditions listed are satisfied any information contained in an electronic record which is printed on paper, stored, recorded or copied in an optical or magnetic media, produced by a computer is deemed to be a document and becomes admissible in proceedings without further proof or production of the original, as evidence of any contacts of the original or any facts stated therein, which direct evidence would be admissible.

The four conditions referred to above are:

(1)    The computer output containing such information should have been produced by the computer during the period when the computer was used regularly to store or process information for the purpose of any activities regularly carried on during that period by the person having lawful control over the use of the computer.
(2)    During such period, information of the kind contained in the electronic record was regularly fed into the computer in the ordinary course of such activities.
(3)    Throughout the material part of such period, the computer must have been operating properly. In case the computer was not properly operating during such period, it must be shown that this did not affect the electronic record or the accuracy of the contents.
(4)    The information contained in the electronic record should be such as reproduces or is derived from such information fed into the computer in the ordinary course of such activities.

It is further provided that where in any proceedings, evidence of an electronic record is to be given, a certificate containing the particulars prescribed by 65B of the Act, and signed by a person occupying a responsible official position in relation to the operation of the relevant device or the management of the relevant activities would be sufficient evidence of the matters stated in the certificate.

The apex court in State Vs. Navjot Sandhu while examining the provisions of newly added  section 65B, held that in a given case, it may be that the certificate containing the details is not filed, but that does not mean that secondary evidence cannot be given. It was held by the court that the law permits such evidence to be given in the circumstances mentioned in the relevant provisions, namely, sections 63 and 65 of the Indian Evidence Act 1872.

Section 65 enables secondary evidence of the contents of a document to be adduced if the original is of such a nature as not to be easily movable. Hence, printouts taken from the computers/servers by mechanical process and certified by a responsible official of the service-providing company can be led in evidence through a witness who can identify the signatures of the certifying officer or otherwise speak of the facts based on his personal knowledge. Irrespective of the compliance with the requirements of section 65-B, which is a provision dealing with admissibility of electronic records, there is no bar to adducing secondary evidence under the other provisions of the Indian Evidence Act 1872, namely, sections 63 and 65.

The position of electronic documents in the form of SMS, MMS and E-mail in India is well demonstrated under the law and the interpretation provided in various cases. In State of Delhi v. Mohd. Afzal & Others, it was held that electronic records are admissible as evidence. If someone challenges the accuracy of a computer evidence or electronic record on the grounds of misuse of system or operating failure or interpolation, then the person challenging it must prove the same beyond reasonable doubt. The court observed that mere theoretical and general apprehensions cannot make clear evidence defective and inadmissible. This case has well demonstrated the admissibility of electronic evidence in various forms in Indian courts.

The basic principles of equivalence and legal validity of both electronic signatures and hand written signatures and of equivalence between paper document and electronic document has gained universal acceptance. Despite technical measures, there is still probability of electronic records being tampered with and complex scientific methods are being devised to determine the probability of such tampering. For admissibility of electronic records, specific criteria have been made in the Indian Evidence Act to satisfy the prime condition of authenticity or reliability which may be strengthened by means of new techniques of security being introduced by advancing technologies.

Thursday, 1 October 2015

Schedule for GM Diet Vegetarian

Similar to the typical GM Diet, the vegetarian version of GM diet also requires you to follow a seven-day schedule

  • Day 1. Only fruits. Just like in the regular GM diet, only fruits are allowed to be consumed on the first day. All fruits can be consumed in generous quantities except for bananas, as they are high in carbohydrates and potassium. Water intake should also be observed at 10-12 glasses during the whole day.
  • Day 2. The second day involves potato and vegetables. A cup of baked potato would serve as the body’s main energy source for the day, and then it can be followed up with vegetable dishes during lunch and dinner. Vegetable soup is highly powerful during this day, as it provides all the energy the body would need.
  • Day 3. Fruit and vegetables. Fruits and vegetables may be served the whole day, from breakfast to dinner, including midday snacks. Fruit juice can also be taken aside from water, although no bananas or potatoes are allowed.
  • Day 4. Bananas and milk. Banana and milk combos may be consumed all day, with vegetable soup servings during lunch and dinner. Banana and milk may be taken in the form of shakes, during breakfast and midday snacks.
  • Day 5. White rice or brown rice or legumes and tomatoes. Instead of beef, rice or legumes is used on Day 5. One cup of rice is good to last for the day together with tomatoes in order to induce cleansing. Also each meat replacement meal needs GOOD FAT like ghee, olive oil or butter.
  • Day 6. White rice or brown rice or legumes with good fat and vegetables. On this day mixed vegetables may be consumed all day, together with one cup of rice.
  • Day 7. Up to two cups of white rice or brown rice or legumes with good fat may be consumed, together with fruit and vegetable servings.

By the end of Day 7, you should be feeling much lighter and look more glowing. This is because the detoxification effects have already taken place and the body has already shed off at least 4-7 kg.

Friday, 28 August 2015

Understanding Software

What is Software?

The New Oxford Dictionary for the Business World defines ‘software’ as programs used with a computer (together with their documentation), including program listings, program libraries, and user and programming manuals.

Definitions in India

In India, the term ‘software’ has been defined under the Income Tax Act, 1961 and under the Copyright Act, 1957. Explanation (b) to Section 80 HHE of  the Income Tax Act, 1961 defines “computer software” to mean any computer programme recorded on any disc, tape, perforated media or other information  storage device and includes any such programme or any customised electronic data which is transmitted from India to a place outside India by any means.

Under the Indian Copyright Act, 1957, computer programme and computer data bases are considered to be literary works. Section 2(ffc) defines “computer  programme” as a set of instructions expressed in words, codes, schemes or any other form, including a machine readable medium, capable of causing a  computer to perform a particular task or achieve a particular result.

In India, computer software is protected by the copyright law but cannot be patented. In many developed countries of the world, computer programs are protected by the copyright law and certain types of software are protected by patents as well.

As per the Copyright Act, 1957, ‘computer programme’ is regarded as literary work. Some of the statutory rights attached with a copyright in a computer program are:

  • Right to make copies of the computer programs based upon the copyrighted computer program in any material form including the storing of it in any medium by electronic means,  ­
  • Right to issue copies of the computer program to the public ·
  • Right to make translation of the computer program ­
  • Right to prepare derivative computer programs based upon the copyrighted  computer program, ­
  • Right to make a public performance of the computer program, and ­
  • Right to sell or give on hire, or offer for sale or hire, any copy of the computer program.
 Types of Software

In technical sense, there are two types of software - Systems Software and Applications Software.

Systems software” is the software required to produce a computer system acceptable to the end-users, providing a good environment for writing, testing, running and storing users’ programs, and including programs that are essential to the effective use of system. Operating systems, compilers, utility programs, database management systems, and communication systems are examples of systems software. Systems software is generally provided by the manufacturer and is bought along with the computer.

Applications software” are computer programs designed for a particular purpose
or application. Accounts programs, games programs and educational software are application software. Application software is written for end-users of a computer system. Application software may be standard software or special software which is tailor-made for single users.

There are some more terms which are commonly used to describe the different Modes of delivery of software. These are as follows:

Shrink-wrap software” is the readily available software which is sold ‘off-the-shelf’. Against this, “customized software° is the software which is tailor-made based on the specific needs of the customer. In a ‘shrink-wrap’, the software is packaged with the license agreement. The Iicense gives the endorser the limited right to use the software for perpetual period. The right is not transferable and nor can the buyer sub-Iicense the software. Any user opening the package is deemed to have the knowledge of the copyright of the software.

Bundled software” is one which is embedded with the hardware and is bought along with the computer when it is purchased from the manufacturer. Most of the systems software generally comes in the bundled form. Most of the applications software will be available in “unbundled” form especially if it is bought subsequent to the purchase of computer.

Canned Software” is independent software that can be used by a variety of hardware and may be applied for management, consulting and administration.

Software are also often classified on the basis of the use to that they are out to.

Thus, the classifications may be as follows: Computer software, Video/audio Software, Telecom Software. Generally, the word ’software’ is read to mean’ computer software’.

Typical Transactions involving Software

Any transaction in transfer of computer software would generally tend to fall in
any one of the following categories :

1. Transfer of a copy of the computer program (a copyrighted article),
2. Transfer of a copyright right in the computer program,
3. Provision of services for the development or modification of the computer
4. Provision of know-how related to computer programming techniques.

Thursday, 25 September 2014

Purchase of Urban Agricultural Land and Tax Planning in India

Purchase of Urban Agricultural Land and Tax Planning in India: 

Before buying urban agricultural land, enquire from the local municipality or corporation as to the legal status regarding minimum land holding for a farm house or construction activities on urban agricultural land. This is very important.In Delhi, for example, the minimum urban agricultural land required for construction of a farm house is 2 ½ acres. In Haryana, for a similar purpose, the minimum is 2 acres. If the object of buying urban agricultural land is to build a farm house, do get the building plan approved before starting construction; otherwise it may result in unauthorised construction with the attendant problems of demotion, fine and penalty, coupled with prosecution. Whenever you make an investment in urban agricultural land, make it a point to effect your purchase by way of a registered conveyance deed and not merely through an agreement to sell. This aspect is very important lest out of ignorance you end up buying a piece of urban agricultural land which has problems of Sections 4 and 6 of the Land Acquisition Act, whereby it is not legal to sell or effect a conveyance deed. Which is why the seller may be ready to give you possession coupled with a Power of Attorney. Avoid making such an investment; if a clear title is not established in your name, the property will lose its value as an investment. You must fully investigate that Sections 4 and 6 of the Land Acquisition Act, putting restrictions on transfer and registration of the land, are not applicable to the land in question.
Certain pieces of urban agricultural land are nowadays converted into unapproved colonies. From the point of view of investment, it is not good to buy such property as there are chances of demolition or prosecution. Income from urban agricultural land, being agricultural income, is completely exempted from income tax. However, such agricultural income would be aggregated for rate purposes. Hence, from the point of view of tax planning, urban agricultural land should be purchased in the name of family members whose income is relatively lower. The ceiling laws applicable to rural agricultural land also apply to urban agricultural land. Capital gains tax is payable on the sale of urban agricultural land. Briefly, if the long- term capital gains on the sale of urban agricultural land used by the assessee for a minimum period of two years are period of two years are invested in buying another piece of agricultural land, there would be no capital gains under Section 54B. Capital gains on the compulsory acquisition of urban agricultural land is exempt u/s 10(37). Similarly,capital gains on the sale of agricultural land could also be utilised for the purpose of Section 54F, namely, investing the sales proceeds of long- term capital gains from agricultural and in buying a residential house. However, for this purpose, the individual or the HUF taking advantage of this provision should not have more than one residential house property of his own. Similarly, starting from Financial Year 1993- 1994, there is wealth tax liability @ 1% on all agricultural land situated in urban area in any part of India. This has come about because the definition of ‘assets’ for wealth tax purposes was drastically amended by the Finance Act, 1992. As a result of the change of definition of “urban land,” urban agricultural land is now liable to wealth tax. However, the wealth tax liability only arises when the gross wealth of the taxpayer exceeds the exemption limit of taxable net wealth.

Sunday, 7 September 2014

Tax Benefits for Home Loan in India

Tax Benefits for Home Loan under Section 24 & Section 80C of Income Tax Act in India

  • Income Tax Deduction for Interest allowed under Section 24 has been increased from Rs 1.5Lakh to Rs. 2 lakh for Self Occupied Property.

  • The Total Deduction allowed for Repayment of Interest has been increased from Rs. 1 lakh to Rs. 1.5 lakhs as the Maximum Deduction allowed under Section 80C has been increased from Rs 1 lakh to Rs. 1.5 lakh

The manner in which these deductions can be claimed is explained below:

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we can divide the Repayment of Home Loan into 2 components:-

  1. Repayment of the Principal Amount
  2. Repayment of the Interest on Home Loan

As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing the Income Tax Return.

The Sections under which Tax Benefit on Home Loan can be claimed are given below:

Section 80C: Tax benefit on Home Loan (Principal Amount)

The amount paid as Repayment of Principal Amount of Home Loan by an Individual/ HUF is allowed as tax deduction under Section 80 C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,00,000 only. This Limit Tax Deduction for repayment of Principal Amount has been increased from Rs. 1 lakh to Rs. 1.5 lakh in the Interim Budget 2014.

This tax deduction is the total of the deduction allowed under Section 80C and includes amount invested in PPF Account, Equity oriented mutual funds, NSC, Tax saving fixed deposits etc.

This tax deduction under Section 80C is available on payment basis irrespective of the year for which the payment has been made. The Amount paid as Stamp duty and Registration Fee is also allowed as tax deduction under Section 80C even if the Assessee has not taken Loan.

However, tax benefit of home loan under this section for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.

Moreover, in case you are planning to buy an under-construction property as it is priced at a lower price as compared to a fully completed property, you should know that Service Tax is also levied on Under Construction Property & the Finance Minister while announcing the Budget 2013 also changed the rates of Service Tax on under construction property. However, no Service Tax is levied on properties on which construction has been fully completed.

However, Section 80 C (5) also states that in case the assessee transfers the house property on which he has claimed tax deduction under Section 80C before the expiry of 5 years from the end of the Financial Year in which the possession has been obtained by him, then no deduction and tax benefit on home loan shall be allowed under Section 80C. The aggregate amount of tax deduction already claimed in respect of previous years shall be deemed to be the Income of the assessee of such year in which the property has been sold and the assessee shall be liable to pay tax on such income.

Tax benefit on Home Loan (Interest Amount)

Tax Benefit on Home Loan for payment of Interest on Home Loan can be claimed as Deduction under Section 24 as well as under the newly inserted section 80EE (Inserted in the Budget 2013, to be applicable from 1st April 2013)

Section 24: Income Tax Benefit on Interest on Home Loan

Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on home loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.

The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 1.5 lakh. This limit has now been increased to Rs. 2 lakh in the Interim Budget 2014 announced. 

In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take tax deduction of the whole interest amount under Section 24.

Please Note: In case a property has not been self-occupied by the owner by reason of the fact owing to his employment, business or profession carried on at any other place, he has to reside at that other place not belonging to him, then the amount of tax deduction allowed under Section 24 shall be Rs. 1.5 / 2 lakh only.

It is also important to note that this tax deduction of Interest on Home Loan under Section 24 is deductible on payable basis, i.e. on accrual basis. Hence, deduction under Section 24 should be claimed on yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis.

Moreover, if the property is not acquired/constructed completed within 3 years from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from Rs. 1.5/2 Lakh to Rs 30 thousand only.

Income Tax treatment of Pre-Construction Interest

In many cases, amount is paid for the purchase of property even before the construction is completed. Some home buyers, purchase properties on loan before the completion of construction and start paying EMI to the Bank.

In such cases, Section 24 very specifically states that Tax Deduction for payment of Interest shall not be allowed before the construction is complete. In such cases,

  1. If Loan is taken for purpose of Repair/ Renewal/ Reconstruction: No Tax Deduction allowed for Interest paid before Completion
  2. If Loan is taken for the purpose of Purchase/ Construction: The Interest that has been paid before the completion of construction should be aggregated and the whole aggregated amount shall be allowed as tax deduction in 5 equal installments for 5 successive Financial Years starting from the year in which the construction has been completed.

For eg: Mr. X purchases a House in Delhi in 2009 and took a loan of Rs. 10,00,000 from a Bank paying Interest @ 10% p.a. The Construction was completed in April 2011.

Now, As per Section 24 of the Income Tax Act, tax deduction for payment of Interest would only be allowed from financial year 2011-12 onwards.  However, the interest paid on Home loan before the completion of Construction (i.e. Rs. 2,00,000) would be allowed as tax deduction for the next 5 Financial years @ 40,000 p.a. commencing from Financial Year 2011-12 onwards.

Important Points:-

  1. Interest paid for outstanding amount is not allowed as Tax Deduction (Shew Kissan Bhatter v. CIT (1973) 89 ITR 61(SC)
  2. This tax deduction shall be available only if the construction is completed within 3 years from the end of the financial year in which the capital is borrowed
  3. Taxpayer cannot claim any deduction for Commission Paid for arranging the Loan.
  4. If the taxpayer is not earning any income from house property, but is paying Municipal Taxes and Int on Home Loan, this would lead to Loss under head Income from House Property. This loss arising under head Income from House Property is allowed to be set-off against income from various other heads in the same Financial Year.
  5. In case the loss cannot be set-off against income from other sources in the same financial year, the loss can be carried forward to future years and set-off against income arising from House Property for the next 8 financial years.
  6. Tax Benefits of Interest on Home Loan can be claimed only by the person who has acquired or constructed the property with the Borrowed Funds. It is not available to the Successor of the Property.

For the purpose of simplicity and easy understanding, a comparison of Tax Benefit on Home Loan under Section 24 and Section 80C has been made here under:-
Section 24
Section 80C
Tax Deduction allowed for
Basis of Tax Deduction
Accrual basis
Paid basis
Quantum of Tax Deduction allowed
Self Occupied Property:
Rs. 2,00,000
Non Self Occupied Property: No Limit
Rs. 1,50,000
Purpose of Loan
Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.
Purchase / Construction of a new House Property
Eligibility for claiming Tax deduction
Purchase/ Construction should be completed within 3 years
Restriction on Sale of Property
Tax Deduction claimed would be reversed if Property sold within 5 years
Section 80EE: Income Tax Benefit on Interest on Home Loan (First Time Buyers)

P. Chidambaram while announcing his Budget 2013 Speech inserted a new section in the Income Tax Act which provides  additional tax deduction of Rs. 1,00,000 to first time home buyer in respect of Interest on Home Loan provided that:-

  1. The Loan is sanctioned between 1st April 2013 and 31st March 2014
  2. The Amount of Loan sanctioned for the acquisition of Residential House Property does not exceed Rs. 25,00,000
  3. The Value of the Residential House Property does not exceed Rs. 40,00,000
  4. The Assessee does not own any House Property on the date of sanction of Loan
  5. This deduction under Section 80EE is only available for Financial Year 2013-14

The Deduction under Section 80EE shall not exceed Rs. 1 lakh and shall only be allowed for Financial Year 2013-14. However, in case where the interest payable in Financial Year 2013-14 is less than Rs. 1 lakh, the balance amount shall be allowed as deduction in Financial year 2014-15.

In other words, in case the taxpayer has only been able to claim Rs. 40,000 as deduction whereas he was allowed a deduction of Rs. 1,00,000, the balance deduction of Rs. 60,000 which the taxpayer was not able to claim in the financial year 2013-14 can be claimed in the financial year 2014-15.

The Budget 2013 also brought in another amendment relating to real estate and as per the new amendment, TDS on Property would be liable to be deducted @ 1%.

  • Recommended Read:   TDS on Property @ 1%.

The above 3 Sections relating to Tax Benefits on Home Loans have been summarised as under:-

Quantum of Deduction (Rs.)
Self Occupied Property
Non-Self Occupied Property
Section 24
No Limit
Section 80C
Section 80EE

Please Note:-

  1. The above tax deductions are per person and not per Property. So in case you’ve purchased a property jointly and have taken a joint home loan, each person repaying the amount would be eligible to claim whole deduction separately.
  2. If you are living in a rented premise and are taking tax benefit of HRA allowance, even then you can claim Tax benefit on home loan under Section 24, Section 80EE & Section 80C.

For claiming the above tax deductions, you would be required to furnish the statement provided by the lender clearly indicating the amount payable and paid towards Interest and Principal. After claiming the above deductions of Tax Benefit on Home Loan, the balance Income of an Individual would be taxed as per the Income Tax Slab Rates.