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Notice of 143(1)

Gaurav Asija (Article) (35 Points)

27 July 2014

In a ITR, we mistakely claimed interest of 2 50-50% co-owned self occupied properties u/s 24. now assesse received notice of 143(1) claiming tax by disallowing interest of 1 house property. so what to avoid tax payment?

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2 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 27 July 2014

you may contact your AO and ask to assess one of your property as deemed to be let out and then allow deduction of 24b.... this way you may be able to reduce tax liability but cant avoid total amt.

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Gaurav Asija (Article) (35 Points)
Replied 27 July 2014

@ tribhuvqn.. thnx for rply..But i want to add one more thing that the interest amount which was disallowed is only 20000. If we go to AO and tell him to consider that property to be deemed to be let out. Our tax liabilty will be increased.