Taxability of reimbursement of pre emis
This query is : Resolved
30 June 2016
Hi,
One of my relatives (assessee)bought a flat in an under construction building project at Thane. For this, the assessee availed a home loan scheme under it was agreed between him and the lender that no EMIs would be charged from the borrower (assessee) until he gets possession of the said flat.In the meanwhile due to some reasons the under construction project got delayed and the lender charged pre EMIs from the assessee without giving him prior intimation. On bringing this to the notice of the lender and builder and after some negotiations the builder reimbursed the pre EMIs to the assessee after deducting TDS under section 194A.�
� Now the question is how can the assessee get back the� TDS amount deducted under section 194A? And in order to get the credit of tds against tax payable does the assessee neeed to show reimbursement of Pre EMIs as income from other sources? If it is shown as income the assessee will end up paying balance 20%tax on reimbursed Pre EMIs as his income falls within 30% tax slab?
Note: the tds and corresponding reimbursed pre EMIS are appearing in his form 26AS.
Kindly advise on this.
I
Rupesh Jain
(Expert)
30 June 2016
sir, you have to file ITR for TDS refund and show amount as exempt income, due to this not the income.
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