DEduction for Interest on housing Loan

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..... One of My client claim interest 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 .....

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..... instalment was made by the client . 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 Rep .....

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..... ly = Give full facts- how the flat is used - by assesses for business and profession or residence, nature of income of assessee under different heads- salary, business, other sources. Why loan includi .....

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..... ng interest is paid by assessee though 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 asse .....

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..... ssee by treating EMI (or at least interest 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 .....

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..... the inadvertent mistake, if at all, took place- bonafide of claim to be established. otherwise addition and penalty both may be attracted. - DEduction for Interest on housing Loan - Query Started .....

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..... By: - GYAN JAIN Dated:- 21-6-2010 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - .....

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..... taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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