I had applied for HUDA plot under Karnal Scheme 2014 , My application was financed by Axis bank and I had paid them around Rs. 26000, later on there was some delay in the draw so Axis bank deducted another Rs 18200 from my account. There was notice from Estate officer karnal that there is some litigation going on so draw for Karnal scheme has been put on hold. Person can withdraw their application and HUDA will return the earnest money along with 5.5% interest till date of withdrawal.
Huda gave Rs 24535 as an interest after deducting TDS Rs.2435 to Axis bank and then Axis bank has passed on that amount after adjusting their interest
Now my question is :- Do I have to show the interest amount received from HUDA as an income while filing income tax return.
or its overall loss as I paid 26000 +18200 to axis bank and I got back just 24535.
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Interest recieved on cancellation of huda plot
Replies (2)
You have to show the interest under the head income from other sources
will not the interest get adjusted by the loan interest paid amount???
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