anil jaiswal (student) (112 Points)
23 April 2015
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 24 April 2015
Have you purchased the property in your name by utilising your own funds.
There's no need to show anything in your return about the immoveable property purchased unless u r claiming any exemption u/s 54, 54F. You have not specified regarding this.
If u are not claiming any tax exemption on immoveable property then you only need to show the Stamp Duty and Registration charges paid as deduction u/s 80C upto Rs. 150k and for the loan you have taken it is to be shown as a loss from the GTI upto Rs. 2lacs.
If the property is under construction and you have started paying your EMI's then you can't claim the loss on account of interest in the current A.Y. It can be availed under 5 equal isntallments from the A.Y. relevant to the P.Y. before whihc you got the possession of the property.
anil jaiswal
(student)
(112 Points)
Replied 29 April 2015
CAclubindia
