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sec 143(1)(a)
i bought a house and took loan. so the builder told that all the interest amount he would reimburse before possession. builder deducted tds on the same. now income tax is saying that is my income but I say it's reimbursement as I will not take any deduction on that amount . now they are asking to add that to my income from other source. please suggest whether I am right or not?
Replies (3)
Its rightly added to your income.....
Builder could have paid the amount directly to bank !!!
But if he is not doing so then how can that be my income. won't it be doubly charged income for me?
No.
After recent amendments in the act, it will be treated as the income in your hands. Secondly, builder is required to deduct TDS for the reimbursement amount.
You can take the benefit of home loan interest rebate u/s. 24(b) of IT act, as and when you get the possession (i.e. in 5 equal installments)
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