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Home loan interest missed in FY 2022-2023

22 August 2023

In FY 2022-2023, I did not report the interest on the home loan under section 24(b) to my employer in the investment declaration sheet and therefore it is not reflected in Form 16. I have completed the IT return for AY 2023-2024. I took possession of my house on 5 August 2023. Can I file the revised return showing the home loan interest?

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (127495 Points)
Replied 22 August 2023

Yes, You can file.
And keep supportive documents for future reference...

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rama krishnan (12234 Points)
Replied 22 August 2023

The interest component till March 2023 is prior period interest and you cannot claim it at a stretch. 1/5th of prior period interest has to be claimed for next 5 years including the current year

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Sreevidhya V (342 Points)
Replied 23 August 2023

It depends on the completion of the house. interest upto 31st march preceding the year of completion it is pre-construction interest which cn b claimed in 5 equal installments from the year of completion.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 24 August 2023

When was the construction completed ?

You may start claiming interest and principal from current Financial Year

Preconstruction period interest also can be claimed for 5 years

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