Categories
best pawn shop near me

PERSONAL TAX: Home loan will get Section 54 profit. A taxpayer filed this lady return of income for assessment 12 months 2011-12 on Sep 30, 2011 and proclaimed a total money of Rs 9.62 lakh.

PERSONAL TAX: Home loan will get Section 54 profit. A taxpayer filed this lady return of income for assessment 12 months 2011-12 on Sep 30, 2011 and proclaimed a total money of Rs 9.62 lakh.

During the course of examination proceedings, the income tax officer unearthed that the taxpayer got marketed a-flat, jointly presented with others, while in the relevant earlier year and announced the woman show of capital increases at Rs 55.82 lakh during the return of income. But she additionally reported deduction u/s 54 with the tax operate ('the operate') because of the financial manufactured from Rs 98.90 lakh towards acquisition of a new level.

The income tax officer needed added information meant for the claim for deduction. On examination of the exact same, he mentioned that expense of Rs 98.90 lakh made for the acquisition of the new house included a housing mortgage of Rs 50 lakh availed from a different bank. The taxation officer desired an explanation from the taxpayer as to the reasons the housing mortgage of Rs 50 lakh purchased the purchase with the new home shouldn’t be excluded from the deduction advertised u/s 54 from the work. In her defence, the taxpayer argued that the property loan amount was not actually used for your acquisition of the fresh new quarters, that deduction had been said. She posted that while the new home was actually purchased vide arrangement dated Sep 23, 2010, the casing loan of Rs 1 crore was actually approved of the financial in shared identity of taxpayer and various other co-owners on January 21, 2011, whilst amount as disbursed on February 2, 2011.