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Can One Claim Deduction of Interest u/s 24 on Loan Even After Sale of the House?

July 29, 2009 By taxworry Leave a Comment

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Excerpt: I had taken a home loan [Single Applicant i.e. Me] from HDFC in May 2005 for a flat whose construction was start in year 2005. I had received the allotment letter in June 2005. I had received the offer for possession in July 2008. I’ll be taking a formal possession in august 2009. Registration is likely to be done in year July, 2010 after the builder gets the completion certificate from Govt Authority. Already some families are staying in the apartment complex. The loan was completely paid in May 2008 and I already have No Dues Certificate from…

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Filed Under: House Property

Should Interest on Tax Saving Term Deposit Be Shown on Receipt or Accrual Basis?

July 26, 2009 By taxworry Leave a Comment

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Excerpt: I am a salaried employee. I have made a 5 year tax-saving FD for Rs.30000 and a 3 year FD for Rs.10000 in the financial year 2008-09. I am not any income other than salary and interest. I have following two questions: 1) In respect of FD of 3 years, can I pay tax on interest income in the 3rd year (i.e. cash basis) instead of paying it every year on interest accrued ? 2) In respect of tax-saving FD of 5 yrs, can it be taxed like NSC i.e. interest earned be…

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