House rent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2011 Hi,

I live in my new owned house which I have bought on loan.

Also, I am getting certain amount from a builder under SRA scheme, where the builder is going to make a new Building for us.

However, can I show this received amt. from the builder as "Income from Housing Property" and will I get the deduction of 30% over it and which ITR form do i need to fill. I am a salaried employee.

Thanks

Ravikant

Ravikant (Expert)
Follow

30 July 2011 Amount recd from builder under SRA scheme will be taxed under Income from Other Sources,

With Interest exp in 1 House property , Income from other source and Salary , will have to File ITR 1