House property, presumptive tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2013 Dear Sir,

A person providing technical service (Software Development)
1)Total Receipts is around Rs.20 L, whether IT return to be filed under Presumptive taxation.
2)He took Housing loan from bank, House is yet to complete in another 3 to 4 months but he started repaying from FY 2011-12 itself, whether he is eligible to claim Repayment of Interest under Income from HP (Self Occupied) Rs.150,000/-(Total Interest Paid during 2012-13 Rs.349000/-) Or how much he can claim under Pre Construction Period.
3) Last Year TDS was short claimed, whether the same shall be claimed in the FY 2012-13.

Thanks in advance

Regards
Mallikarjun

Rupesh Jain

Rupesh Jain (Expert)
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31 July 2013 he can not file return under presumptive taxation due to he cover under section 44AA
he have to maintain compulsory books of accounts

intt before completion of house can claim in five equal installment from the year in which house is complete.

he can claim TDS only in related year in which year income tds deducted by party.

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2013 Dear Rupesh,

1) last year IT Return filed under Presumptive taxation ITR-4S, Shall i file the revised return for the AY 2012-13 FY 2011-12 saying TDS Refund for whole amount as reflected in the Form 26AS & also confirm which IT Return i need to file under Revised return.(assessment not completed)

2)Please confirm the overall limit is Rs.150,000/- for claiming Interest on HL (inclusive of Pre construction Period)

3) Last Year Interest on HL claimed of Rs.83207/- i need to show again in revised return or not. Plz Confirm. As per your advise i need to show NIL income/Loss under HP.

Rupesh Jain

Rupesh Jain (Expert)
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31 July 2013 if you have to revise your income, deduction, rebate then you have to revised your return

if your file return before due date in AY 2012-13 then you can revise the return otherwise not
yes Rs. 150000/- if total limit for self occupied house in a year.

yes for claim of intt you have to show NIL income
and if your refund increase or any effect on income then you have to revise return.

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