Taxation query on under construction flat
This query is : Open
30 March 2024
Hello I have queries regarding taxation on property.
In this financial year, bought an Under-construction property - joint ownership - home loan EMI ongoing.
1. Is the principal component of EMI deductible under 80C for under-construction or is it deductible after completion certificate in 5 installments like the interest component.
2. After discussing with the developer, the overall property value has decreased . However , since sale agreement was registered and subsequent TDS were paid on demands, what will happen to the remaining stamp duty (on which value will the rest stamp duty be charged on) and TDS correction in 26QB?
In this financial year, bought an Under-construction property - joint ownership - home loan EMI ongoing.
1. Is the principal component of EMI deductible under 80C for under-construction or is it deductible after completion certificate in 5 installments like the interest component.
2. After discussing with the developer, the overall property value has decreased . However , since sale agreement was registered and subsequent TDS were paid on demands, what will happen to the remaining stamp duty (on which value will the rest stamp duty be charged on) and TDS correction in 26QB?
30 March 2024
YES, ON PRINCIPAL PORTION YOU CAN CLIAM 80C DEDUCTION
30 March 2024
So you mean I can claim the principal portion for the under-construction flat in this FY right?
Can you also clarify regarding question 2.
Can you also clarify regarding question 2.
31 March 2024
Tds should be deducted on sale consideration as per sale deed
31 March 2024
Tds should be deducted on sale consideration as per sale deed
01 April 2024
You can get under construction property tax benefit upto Rs. 150000/- per financial year on paid principal amount. However you can claim this benefit only after getting possession of the property.
The errors/mistakes in Form 26QB can be corrected online by the deductor (buyer of the property) by logging in at the TRACES website.
The deductor (buyer of the property) registered at the TRACES website can submit request for “26QB” correction available under the Tab “Statements/Forms”.
The errors/mistakes in Form 26QB can be corrected online by the deductor (buyer of the property) by logging in at the TRACES website.
The deductor (buyer of the property) registered at the TRACES website can submit request for “26QB” correction available under the Tab “Statements/Forms”.
01 April 2024
Thanks mam. I already paid 2% stamp duty on registered sale agreement on the original (incorrect) sale consideration.
Now the amount is different. Will the remaining stamp duty be charged as % of this updated sale consideration, or original consideration only?
Now the amount is different. Will the remaining stamp duty be charged as % of this updated sale consideration, or original consideration only?
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