To show arrear/salary in incoming financial year

This query is : Resolved

yogendra prakash sharma (Querist)
Follow

14 January 2012 sir, i am a government employee in u.p. i have received 335000 rupees from salary and 97000 rupees from different arrears.my savings for tax purpose is of 100000 rupees. may i show my arrears or some part of salary in incoming financial year because in incoming year i will take home loan?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

15 January 2012 Arrears of salary has to be shown on Receipt Basis. Salary has to be shown on due basis. You can not show /shift anything out of these two.
.
You may get benefit for 3 months housing loan interest and if you can plan within this FY , you can save taxes to the extent of interest paid on capital borrowed for the purpose of Purchase of a Residential Flat.
.
Relief U/s 89 can also be claimed, but looking to the salary above Rs 300000/- in the past also, you will hardly get any benefit.
.