Please guide me

TDS / TCS 572 views 3 replies

Mr. X  purchased a house with bank loan and made some interiors costing around 2-3 lakhs....all that work is done by some special interior designers....now my doubt is...if mr.x pays interest on that amount(expenses incurred for interior decoration). can he show the amount in house property slab for exemption limit of 150000??...whether mr.x can claim for the same...if so wat's d process

Replies (3)

my friend, i think the question is framed incorrectly. If Mr.X pays amount to Interior designer, X must deduct TDS and deposit the same to government, and not designer. also, X cannot claim the same, since the tax represents amount payable by Interior designer and not of Mr.X. Here, mr.X was only responsible to deduct and pay TDS to govt.

correct me if iam wrong.... regards

I understand the ?ner is asking whether the interest paid on the borrwed amount for interiors is allowed within the limits of 1,50,000.

If my interpretation is correct.....

then my answer is no.  He can't claim.   However - he can claim upto 30,000 on the borrowed amount for repairs.

Further my interpretation interior works has to be treated as repair.

So, he can claim within the limits of 30,000/- (advised to go through the rules governing has to be referred )

i think the question was modified after my reply... never mind... to ur new ques, as ram babu said, only interest on borrowed amount is allowed as deduction u/s 24 in House property slab. for that limit is rs.30k

regards


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