Regarding deduction on interest paid on property
This query is : Resolved
14 February 2015
I have booked a flat through builder and take loan from bank and paid interest and emi thereon, but we have not the possession of flat and sell the rights of flat to other person.
My question is that, can i claim the deduction of interest & emi paid on loan and if it is possible, kindly clarify me on urgent basis
My question is that, can i claim the deduction of interest & emi paid on loan and if it is possible, kindly clarify me on urgent basis
14 February 2015
Interest as well as principal repaid are not eligible for deduction ,for the purpose of income tax calculation, since you did not get the OWNERSHIP of the flat instead you had only a booking right which will not suffice.
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- GST ON DAMAGED GOODS
- Long Term Service award taxability in hands of company
- Loan by Partnership Firm
- REGARDING GST LIABILITY/....
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
