Hello Sir/Madam,
Last year I constructed my house using a home loan. The home loan amounts were disbursed to my savings account (through online transfer by the bank) in 5 stages according to the progress of the construction.
I spent this entire home loan amount over a period of 12 months on the construction. But the IT department has sent a mail as "e-Campaign - High Value Transactions in my savings account and the IT returns filed are not showing the TDS for the interest earned on this home loan amount. Hence, the IT department is asking to "Provide Feedback in AIS" or "File the IT returns again by paying the deficit tax". I believe I should not be paying the tax on this interest amount as it is received as part of the home loan disbursement (and this interest amount also has been spent on the construction expenses).
Should I just provide the feedback in AIS mentioning that "this is just the home loan amount received from the bank" & not any of my incomes from any source.? Or is there anything else to be done.? Please clarify.
regards,
Raghunath
CAclubindia
