Reply to Notice u/s 245, Intimations u/s 143(1), Rectification Applications u/s 154

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You use the correct form especially if you have exempt income like House Rent Allowance, Conveyance Allowance or any other exempt income of more than 5000.(for AY 2015-16 ie FY 2014-15)


Also declare Savings Bank Interest which is now Tax Free u/s 80TTA

Wednesday, June 9, 2010

Tax benefits from under construction flat

If you avail of a home loan for buying an under-construction apartment, the law provides for a deferred (postponed) deduction on interest payable during the pre-construction period. This interest amount can be claimed as deduction in 5 equal installments - starting from the financial year in which the construction is completed.
Pre-construction phase is the period starting from the date of borrowing and ending on March 31 immediately preceding the year in which construction is completed. For eg, if you have taken a loan in June 2008 and the construction is completed in May 2010, the period from June 2008 to March 31, 2010 will be deemed to be the pre-construction period.

If your house is self-occupied, the deduction on interest payable would be restricted to Rs 1,50,000 per financial year. Also, it needs to be noted that deduction on repayment of principal amount can be claimed under section 80C only from the financial year in which construction is completed.

Also remember that the amount of Stamp duty & Registration paid on purchase of flat is also deductible u/s 80C
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