Deduction of interest paid on house loan.

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Sunny (Querist)
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06 January 2012 Sir

My client has paid 1,60,891.00 Rs. as interest on self occupied home loan and i have opted sec 44AD. for return filling so pls tell me how many deduction i can claim in this respect and where i can show deduction amount in form ITR4S.

Thanking You

Sunny Chauhan

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 January 2012 Interest on housing loan is allowed as deduction from Income from House Property.

Since, the house is self oocupied, the income shall be NIL.
Deduction of interest paid shall be allowed from this NIL income and there will be loss under the head house property.

However, since the house is self occupied, interest shall be allowed only to the extent of Rs. 1,50,000/-

CA ASHISH GUPTA

CA ASHISH GUPTA (Expert)
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06 January 2012 Mr. siddhartha is correct...but i didnot understand why you are mentioning section 44AD?

Sunny

Sunny (Querist)
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23 March 2015 Thnks for your help.

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