Regarding income tax return of home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2011 I have taken flat last year in the month of my-2010 by taken loan of Rs.7,60,000/- at interest rate 7.95% from GIC financial ltd. The flat is under construction & I pay EMI of Rs.7,500 per month from aug-2010. The bank gives me half amount of Rs.3,79,000/- in aug-2010 & remaining amount gives in june-2011 of RS.3,81,000 as bank disbursed me full loan amount. But my income tax is deducted from my salary. I submitted interest rate certificate which shows Rs.11,660/- in jan-2011 for assessment year 2010-2011 but bank could not mentioned principal amount in certificate because full loan amount not paid to me that time. For year 2010-2011, total income tax deducts of Rs. 12,846/- as my annual income were 3.24 lacs. I want income tax return for assessment year 2010-2011 for that what necessary documents have to be submitted & which documents have to ask from bank. please provide me required information as early as possible. Thank you.

U S Sharma

U S Sharma (Expert)
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12 July 2011 under construction period deductions can not be claimed, however it can be accumulated and deductible in the year of completion u/s 24b for preceeding five years for a maximum of 1.5 lacs in the year of completion.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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13 July 2011 If you are paying EMI it has 2 parts i,. e Principal and Interest. So you are paying both. Take the certificate from the Bank they will give you a certificate with bifurcation of Principal and Interest

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