17 December 2012
Sir I am a senior citizen. I have house property with 2 floors 2nd floor is let out to bank at a monthly rent of Rs.38000. I took a loan from bank for Rs.30,00,000 @ 15% interest p.a. Bank officials asking TDS Form 16. But according to Income from house property I am not a tax payer Gross Annual Value 38000*12 456000 Muncipal taxes 30000 Neat Annual Value 426000 - Standard Decution30% 127800 Interest on borrowed Cap450000 577800 LOSS FROM HOUSE PROPERTY - 121800 SO I HAVE NOT INCOME. IS IT NECESSITY TO GIVE 16A. THEY ARE DEDUCTING TAX BUT I AM NOT A TAXABLE ASSESSE. GIVE SUGGESTION TO ME FOR NOT DEDUCTING TAX BY THE BANK. IS THERE ANY ALTERNATIVE PROCEDURE. PLEASE GIVE SUGGESTION. I AM EAGERLY AWAITING FOR YOUR RESPONSE
CAclubindia
