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tejas (accountant)     23 February 2021

Housing Loan EMI

I have purchased a flat under the scheme that builder will pay EMI till possession. Now EMI goes from my account and he refunds me the amount after deducting TDS. please tell me the effect of Income tax on this transaction. how this transaction to be shown in computation of income please give the full details


 4 Replies

Fazil Ahmad

Fazil Ahmad   23 February 2021

In which section he deduct tds
tejas

tejas (accountant)     23 February 2021

i don't know the section as TDS certificate in not issued as 1st transaction just done

but rate at which he deducts TDS is 10%

Josh

Josh (Manager)     23 February 2021

In my opinion, the money which you receive from the builder will be chargeable to tax as income from other sources during the period of receipt. The interest portion that you pay during the construction period can be claimed in 4 equal annual instalments post getting possession subject to conditions. 

Fazil Ahmad

Fazil Ahmad   23 February 2021

What will happen to the amount that is being paid by your builder till possession.
you have to return that or is it an emi holiday period for you

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