Interest received from buider for failure of give possession of Flat
This query is : Open
18 February 2024
Hello
Following are my queries
1) Interest received from builder for failure of give possession of flat is Taxable?
2) If the Interest received from builder for failure of give possession is taxable then in which income sources we have to require to report?
3) Any deduction is applicable for above interest receipt?
Following are my queries
1) Interest received from builder for failure of give possession of flat is Taxable?
2) If the Interest received from builder for failure of give possession is taxable then in which income sources we have to require to report?
3) Any deduction is applicable for above interest receipt?
18 February 2024
1. Yes taxable
2. Income from other sources
3. If any legal expenses made to claim such interest.
18 February 2024
I have also 2 more queries:-
1) Where we have to report this interest in income from other sources in ITR?
2) I read somewhere there is 50% deduction assessee can claimed in ITR is it right ?
1) Where we have to report this interest in income from other sources in ITR?
2) I read somewhere there is 50% deduction assessee can claimed in ITR is it right ?
18 February 2024
1. Interest from OThers
2. No you can claim actual expenses only.
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