Sriii (Others) (39 Points)
18 March 2015Hi,
I received possession of my flat in Hyderabad in October 2012 which I let out to tenant as I live in Bangalore.
The problem is that I completely missed claiming tax exemption on pre-emi since possesion till date. My pre-emi paid during 2 years of construction of flat was Rs 2,50,000.
Can I still claim IT exemption of above pre emi starting AY15-16? Please suggest. Thanks in anticipation.
Regards,
Srinivas
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 18 March 2015
Hello,
File revised return u/s 139(5) & cliam interest amount.
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 18 March 2015
As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Thus return of A.Y 2013-14 can be revised till 31st March 2015 or before the completion of the assessment whichever is earlier.
CA Momin Owais Ahmed
(Audit Manager)
(154 Points)
Replied 18 March 2015
If you have filled your return in time i.e as per Sec 139(1) then revised it u/s 139(5) by considering PRE EMI, time is explanied by CA Vishal Goel
Sriii
(Others)
(39 Points)
Replied 19 March 2015
Thank you very much Vishal and Momin for your replies.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 19 March 2015
The interest(pre-construction period-i.e upto March,2012 as per Sec 24) portion of EMI cannot be claimed in one Assessment yr. , the same eligible for deduction equally over 5 years beginning from FY 12-13(AY 13-14) ...
Ya Principal is eligible for deduction u/s 80C is as usual even for pre-construction period.
so keep these fact while revising return.
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 19 March 2015
HELLO,
Tax benefit of home loan under section 80c for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 19 March 2015
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 19 March 2015
Not agree with saurabh for principle part of loan.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 20 March 2015
Ya agreed with Vishal , Principal amt paid for pre-construction period not allowed as deductionu/s 80C...thanks for correcting me..
CAclubindia
