CHEQUE BOOK

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My wife and I have jointly ap­plied for a flat at Su­perTech Ecoc­ity for a to­tal value of R60 lakhs. The terms of pay- My wife and I are re­sid­ing in Delhi and have taken two home loans sep­a­rately. We are liv­ing to­gether in a house which is in my name. I am claim­ing re­bate un­der in­come tax to­wards in­ter­est and prin­ci­pal in­di­cat­ing that the house is self-oc­cu­pied. Now, my wife has pur­chased a house in the same city and she has no other prop­erty in the city un­der her name. Kindly clar­ify whether my wife is el­i­gi­ble for sim­i­lar tax re­bates. Can she treat the house she pur­chased as self- oc­cu­pied?

—Vishal Kothari As­sum­ing that the house in the name of your wife is in a hab­it­able con­di­tion and she ac­tu­ally uses it oc­ca­sion­ally as a tem­po­rary res­i­dence, she can def­i­nitely claim a de­duc­tion for the in­ter­est payable on a loan taken to ac­quire such prop­erty. If the prop­erty is let out, then you can claim in­ter­est as de­ductible against the rental in­come from the prop­erty. ment are as fol­lows: 40% on ini­tial book­ing and the rest on pos­ses­sion (likely in June 2014). I have paid an amount of R24 lakhs in the last week of May 2013. The bal­ance of R36 lakhs is to be paid on pos­ses­sion. How does the re­cent amend­ment re­lat­ing to tax de­duc­tion at source (TDS) on trans­fer of im­mov­able prop­erty, (which has be­come ef­fec­tive from June 1,2013) ap­ply to us? Please clar­ify whether the next set of pay­ments to the pro­moter should be an amount af­ter de­duct­ing 1%. Where is this to be de­posited and what cer­tifi­cate is to be taken? What about the TDS on the pay­ments made in the May 2013?

— M Sid­dhart The TDS pro­vi­sions will be ap­pli­ca­ble on all the pay­ments made on or af­ter June 1, 2013. For such pay­ments, please deduct 1% TDS and pay it on­line through form 26 QB un­der the fol­low­ing link: https://on­li­ne­ser­vices. tin.egov-nsdl.com/etaxnew/ PopServlet?rKey=-1382238246

Later, give a cer­tifi­cate of de­duc­tion 16B to the builder so that he can claim TDS de­ducted by you. I am in­ter­ested in buy­ing a row house in Charkop, Kan­di­vali, de­vel­oped by MHADA (Ma­ha­rasthra Hous­ing and Area De­vel­op­ment Au­thor­ity). The house was on lease by MHADA, but now it has been leased yet again. Can I get a home loan to buy this prop­erty?

— Harsh­vard­han If the MHADA house is older than 25 years, then you might face a prob­lem. But, if the build­ing is in good shape and will last the 20-year loan ten­ure, the lender will con­sider it on a case-to-case ba­sis. The val­u­a­tion of the prop­erty is done by the val­uers ap­pointed by the bank, based on which the amount to be fi­nanced for the prop­erty will be de­cided. If the val­u­a­tion is lower than the agree­ment value, you will have to make good the short­fall in the val­u­a­tion as well.

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