Deduction u/s 24(b) and 80c
This query is : Resolved
MAKARAND DAMLE
(Querist)
10 December 2015
POSSESSION OF HOUSE IS TAKEN IN NOV 2015.
HOWEVER, DEDUCTION WAS TAKEN TOWARDS INTEREST ON BORROWED CAPITAL AND PRINCIPAL AMOUNT TOWARDS REPAYMENT OF LOAN IN A Y 14-15 & 15-16 BY THE EMPLOYER IN FORM 16. THE IT RETURNS WERE EFILED ACCORDINGLY.
IS THE TREATMENT CORRECT AND IF NOT CAN REVISED IT RETURNS CAN BE FILED ?
HOWEVER, DEDUCTION WAS TAKEN TOWARDS INTEREST ON BORROWED CAPITAL AND PRINCIPAL AMOUNT TOWARDS REPAYMENT OF LOAN IN A Y 14-15 & 15-16 BY THE EMPLOYER IN FORM 16. THE IT RETURNS WERE EFILED ACCORDINGLY.
IS THE TREATMENT CORRECT AND IF NOT CAN REVISED IT RETURNS CAN BE FILED ?
Nikhil Kaushik
(Expert)
10 December 2015
no. it is not correct. yes, the return can be filed to correct the errors.
MAKARAND DAMLE
(Querist)
11 December 2015
CAN INTEREST PAID BE TAKEN IN 5 EQUAL INSTALMENTS ?
ALSO CAN I REVISE RETURN FOR A Y 14-15 ?
ALSO CAN I REVISE RETURN FOR A Y 14-15 ?
Nikhil Kaushik
(Expert)
11 December 2015
well once you revise the returns, interest will be available in five equal installments from AY 2016-17 as the possession has been taken in November 2015
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