To show arrear/salary in incoming financial year
This query is : Resolved
14 January 2012
sir, i am a government employee in u.p. i have received 335000 rupees from salary and 97000 rupees from different arrears.my savings for tax purpose is of 100000 rupees. may i show my arrears or some part of salary in incoming financial year because in incoming year i will take home loan?
15 January 2012
Arrears of salary has to be shown on Receipt Basis. Salary has to be shown on due basis. You can not show /shift anything out of these two.
.
You may get benefit for 3 months housing loan interest and if you can plan within this FY , you can save taxes to the extent of interest paid on capital borrowed for the purpose of Purchase of a Residential Flat.
.
Relief U/s 89 can also be claimed, but looking to the salary above Rs 300000/- in the past also, you will hardly get any benefit.
.
.
You may get benefit for 3 months housing loan interest and if you can plan within this FY , you can save taxes to the extent of interest paid on capital borrowed for the purpose of Purchase of a Residential Flat.
.
Relief U/s 89 can also be claimed, but looking to the salary above Rs 300000/- in the past also, you will hardly get any benefit.
.
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