subbu appala (article trainee) (152 Points)
02 July 2023What is pre-emi loan or pre-emi plan in the context of purchasing or construction of flat. Under pre-emi plan bulider pays interest to buyer. that interest is showing under 194A in 26AS. What is it please explain.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178007 Points)
Replied 03 July 2023
That interest amount is taxable, declare it u/h. IFOS.
subbu appala
(article trainee)
(152 Points)
Replied 03 July 2023
Thank you sir
Can you give details about pre emi plan ( i.e what's it etc.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178007 Points)
Replied 03 July 2023
While booking an apartment, builder offers some freebies. One such is pre EMI facility. In this case builder offers to pay all the home loan EMIs on behalf of customer to Bank, till he gives possession of the apartment to the customer. After possession the customer pays home loan EMIs as usual.
CAclubindia
