Interest on housing loan reimbursed by builder
This query is : Resolved
09 May 2017
INTEREST ON HOUSING LOAN FOR UNDER CONSTRUCTION PROPERTY IS REIMBURSED BY BUILDER TO THE BUYER OF PROPERTY TILL THE DATE OF POSSESSION, WHAT IS THE TAX IMPLICATION IN THE BOOKS OF BUYER FOR THE AMOUNT RECEIVED FROM BUILDER TOWARDS THE REIMBURSEMENT OF INTEREST ON HOUSING LOAN. (INFORMATION : THE BUILDER IS NOT DEDUCTING TDS ON THE REIMBURSEMENT.)
FOR EXAMPLE : INSTALLMENT ON LOAN OF RS 50,293/- IS REIMBURSED BY BUILDER ON 04/02/2017 & EMI OF RS 50,293/- IS PAID BY BUYER ON 06/02/2017.
WHAT IS THE TAX IMPLICATION IN THE BOOKS OF BUYER FOR THE AMOUNT RECEIVED FROM BUILDER TOWARDS THE REIMBURSEMENT OF INTEREST ON HOUSING LOAN.
FOR EXAMPLE : INSTALLMENT ON LOAN OF RS 50,293/- IS REIMBURSED BY BUILDER ON 04/02/2017 & EMI OF RS 50,293/- IS PAID BY BUYER ON 06/02/2017.
WHAT IS THE TAX IMPLICATION IN THE BOOKS OF BUYER FOR THE AMOUNT RECEIVED FROM BUILDER TOWARDS THE REIMBURSEMENT OF INTEREST ON HOUSING LOAN.
09 May 2017
EMI ????????
Which financial institution is charging EMI for property under construction? Can you please specify the name?
Which financial institution is charging EMI for property under construction? Can you please specify the name?
09 May 2017
EMI here refers to only Interest Portion. Loan is Taken from INDIABULLS HOUSING FINANCE.
09 May 2017
01. It should be treated as the discount received from the builder, in normal cases.
02. The more crucial point is the wording framed in the agreement to sale by the builder. This will decide whether such reimbursement is to be regarded as discount and/or gift.
02. The more crucial point is the wording framed in the agreement to sale by the builder. This will decide whether such reimbursement is to be regarded as discount and/or gift.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
