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House property

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 January 2012 My friend had a house. He mortgaged the same and took loan for purchase of land. The bank issued him provisional interest certificate for interest of Rs.2.5lacs & principal repayment of Rs.1.10lacs.Based on this certificate deduction of Rs.1.50lacs & Rs1.10lacs was given by the employer.In scrutiny assessment ITO disallowed only Interest.Can you give us a Remedy.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
07 January 2012 ITO disallowed interest only...???????
On the basis of facts he must have disallowed the claim of principal also.
.
It may be possible that your smart friend has made enough investment U/s 80C so as to cover his 1.00 Lac 80C limit and that's why the good hearted ITO did not touched Deduction U/s 80C. Please have a look at Form 16 of your friend.
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CA Punit

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CA Punit (Expert)
07 January 2012 agree with CA Paras B.
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 January 2012 The deduction was wrongly given in Form16 & neglected by the ITO.
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