I have claimed loss from House property in my returns.
Now my case got selected for scrutiny.
ITO is asking me to show the below documents:
1)Deeds of properties purchased along with clarification on sources for the purchase and construction of the same
2)Certificate(not provisional) for interest claimed on borrowed capital
I have sale deed for point 1 and certificate given by banker for point 2.
But in sale deed I registered my house for 20 lakshs. This value is mentioned in sale deed
But actual cost of house 37 lakshs and loan is sanctioned for 35 lakshs. This 35 lakshs loan amount is mentioned in certificate given by Bank
Will there be any problem with this difference. Does this difference is matter for scrutiny of my IT returns.
If it is problem is there a way to overcome it.
Please reply to me urgently. I have to attend ITO at this week end
Thanks
Raju