Dear Sir, I have a received payment from my builder under 194J for the compensation, with 10% TDS deducted on source. I come under the maximum tax bracket of 30%.
- Should i need to pay any thing on the payment received and at what rate?
- I have a EMI for my housing loan, I am yet to recieve the possession/ Registration for the property, can i get housing loan exemption under the assesment year 2012-13. I am currently staying in a rented accomodation.
thanks in advance.
You have to compute the total income and tax thereon without considering the tax deducted at source,,,Then TDS has to be deducted from the tax computed as above to findout tax payable if any.
Interest on housing loan can be claimed from the year in which construction is completed.
Thanks Ganesh for the prompt reply,
can you please bring more clarity on the statement
Interest on housing loan can be claimed from the year in which construction is completed.
My house was 75% for the year 2011-12, at present it is around 90%, am i eligible for the exemption under the housing loan.
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