CA. Naresh Jakhotia

TAX TALK-07.12.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Housing loan & tax treatment of pre-construction period interest Query 1] I have booked flat in under construction project in pune, costing Rs. 52 lacs. The possession is expected in Nov. 2017.   Now my question is whether the amount paid to the builder through bank loan (Principal and Interest) before the actual possession of the flat is eligible for tax exemption? If yes, how could I claim the Refund of the said amount? [ narayan.parjane@gmail.com ] Opinion : Housing loan offers tax sops. Interest paid on amount borrowed for purchase/construction of house is eligible for deduction u/s 24(b) of the Income Tax Act-1961 up to a maximum of Rs. 2  Lacs p.a in case of self occupied house property. Earlier, there was a max cap of Rs. 1.50 Lacs which is enhanced to Rs. 2 Lacs by the Finance Act-2014 (for the FY 14-15 & onwards).  Additionally, principal...

TAX TALK-30.11.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant How to get Income tax refund speedily? Query 1] Kindly advice, by what time normally tax refund is received? Now a day, it is learnt that within one month tax is refunded. But in my case, despite elapse of 3 months, I did not receive refund so far. Kindly enlighten. [ kaushikpopat@gmail.com ] Opinion : “Next to being shot at and missed, nothing is really quite as satisfying as an Income Tax Refund”. - F.J. Raymond. Gone are the days when getting the refund was stupendous task. With the passage of time, the time taken for issue of refunds has been reduced from years to months to almost weeks now. More and more taxpayers are surprisingly finding the credit of income tax refund in their bank account within unexpectedly short period and that too without even approaching or writing to their assessing officer. As far as issue of income tax refund is concerned, CBDT deserves kudos fo...

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