Both, the Salary Income as well as pension income, received by you is taxable under the head “Income from Salary”. Its only the amount of disability pension receivable from Ministry of Defence is totally exempt by virtue of Instruction No 136 dated 14th January, 1970 [F.No.34/3/68-IT(A.I) & Instructions No. 2 dated 2nd July, 2002 [F. No. 200/51/99-IT(A.I)] issued by Central Board of Direct Taxes.
Considering the overall scheme of deduction u/s 24(b) towards Interest on Housing Loan and u/s 80C towards the principal repayment of the housing loan, as per Tax Law Taxpayee/Assessee who are re-employed or ex-serviceman employee cannot claim the deduction [U/s 24(b) & U/s 80C] against the Demand Overdraft Loan availed by such type of Employee.
Considering the overall scheme of deduction u/s 24(b) towards Interest on Housing Loan and u/s 80C towards the principal repayment of the housing loan, as per Tax Law Taxpayee/Assessee who are re-employed or ex-serviceman employee cannot claim the deduction [U/s 24(b) & U/s 80C] against the Demand Overdraft Loan availed by such type of Employee.
