Notice of 143(1)
This query is : Resolved
27 July 2014
A tax consultant has filled TAXABLE ITR for AY 2013-14 of one of my friend in march 2014, claiming interest of 2 houses as self occupied property. Assessee is having 50% co-ownership in both the properties. Interest amount claimed u/s 24 for both of properties are 56000 & 29000 respectively. The Assessee has now received Notice u/s 143(1), in which he has been disallowed intetest of Rs.29000 as interest on only one self occupied property is allowed. hence their is demand along of Tax along Interest on it. So how asseesse can do to avoid tax payment, is their any way or he has to compulsorily pay taxes along with interest?
27 July 2014
actually no. rather you are lucky to get only 29000 disallowed. if the GVA is computed, you might end up with much higher tax liability
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