Deduction u/s 24(b) and 80c

This query is : Resolved

MAKARAND DAMLE (Querist)
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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 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 December 2015 no. it is not correct. yes, the return can be filed to correct the errors.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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11 December 2015 CAN INTEREST PAID BE TAKEN IN 5 EQUAL INSTALMENTS ?

ALSO CAN I REVISE RETURN FOR A Y 14-15 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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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