Hi,
I have booked an under construction property in July, 2011 and paid approx 7 Lacs by self and approx 24 Lacs by home loan, also approx 1 Lacs by self for service tax.
In Jan, 2013 I sold the property before possession with same sale consideration in which I have purchased it. Buyer paid 24 Lacs directly to home loan bank and 7 Lacs (installment money) + 1 Lacs (service tax money) directly to my bank account.
Details for 01/04/2011 to 31/03/2012
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PRINCIPAL COMPONENT Rs. 16,522
INTEREST COMPONENT Rs. 1,31,925
PRE-EMI INTEREST Rs. 4,439
Details for 01/04/2012 to 31/03/2013
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PRINCIPAL COMPONENT Rs. 26,567
INTEREST COMPONENT Rs. 1,65,109
PRE-EMI INTEREST Rs. 490
Principal Prepayment at fully disbursed stage Rs. 23,64,566
Simple Interest on Prepayment Rs. 15,537
Please guide me on following 3 queries,
1. How should I show the details for 7 Lacs (installment money) + 1 Lacs (service tax money) in my income tax declaration for 2012-2013 year and do I need to pay any taxes on this sell of property?
2. I have taken the 80C principal component benefits for 2011-2012 year and how can I reverse it now and how should I show it in income tax declaration for 2012-2013 year?
3. Can I take any kind of income tax benefits on home loan interest (nearly 3 Lacs) paid in both the year via EMIs? If yes, how?
Please assist me.