22 July 2009
Dear Sir, One my new client who is a State Govt. employee taken loans from his close relatives & loans from Banks & LICI during last financial year i.e. 2008-09 for construction of new house at Guwahati. He has some other income like maturity on NSC & maturity of a Tax Saving A/c of ICICI Bank. He has paid Loan Intt. & principal amount but ther is no reflection about loans & other income in his Form No. 16 issued by his employer. Now, I am a little bit confused how to show the loans & which ITR is applicable for him. Kindly, suggest in brief on urgent basis plz. Thankx & Regards, M.H. Laskar Guwahati
22 July 2009
Now only way is to disclose all these things ( interest & principal repayment) in return & claim refund. ITR-2 is applicable in this case.
23 July 2009
Sir, Thank you for your kind & quick response. As per Form No.16 of my client, neither payable nor refundable case. Whatever liability of Income Tax was deducted from Last last month's Salary. Now if I include other income & Intt. Paid he may come to either payable or refundfable. Thats all. Plz suggest. Thankx & Regards.
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