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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
Replies (4)
In which section he deduct tds
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%
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.
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
you have to return that or is it an emi holiday period for you
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