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TMI BlogDEduction for Interest on housing LoanX X X X Extracts X X X X X X X X Extracts X X X X ..... DEduction for Interest on housing Loan X X X X Extracts X X X X X X X X Extracts X X X X ..... t on housing loan Rs 77541 and setoff against Interest Income under head other sources . The owner of the House is Father of the client and the repaymnet of interest and instalment was made by the cli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent . The AO not allowed to set off the interest income and want to initiate penalty proceedings under section 271(1)c. Guide me Reply By DEV KUMAR KOTHARI: The Reply: Give full facts- how the flat i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s used - by assesses for business and profession or residence, nature of income of assessee under different heads- salary, business, other sources. Why loan including interest is paid by assessee thou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh his father is owner. what is understanding between assessee and his father in this regard. Explore in what other manner interest can be allowed in hands of assessee by treating EMI (or at least in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest element) as rent or a payment in lieu of rent. Explore how this can be claimed under any other provision as business expenses or a deduction u/c VIA. How the inadvertent mistake, if at all, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ook place- bonafide of claim to be established.
otherwise addition and penalty both may be attracted. X X X X Extracts X X X X X X X X Extracts X X X X
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