Deduction u/s 24(b)

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This query is : Resolved

Manoj Prasad (Querist)

10 August 2013 in ITR-4, I SHOWED RS.325000/- AS PROFIT FROM BUSINES....THERE IS INTEREST PAID ON HOUSING LOAN (SELF OCCUPIED) OF RS. 60000/-

1-I SHOWED RS.60000/-IN HOUSE PROPERTY COLUMN (G) INTEREST PAID ON BORROWING...BUT THE EFFECT OF THIS AMOUNT DOES NOT SHOW IN COMPUTATION...

2-SHOULD I SHOW RS.265000/- (325000-60000) IN PROFIT IN LOSS ACCOUNT..

CA UMESH DULAL

CA UMESH DULAL (Expert)

10 August 2013 No you have to show income from BP as 325000
and income from HP is -60000 by filling relevant field in income from HP.

Fill interest paid on HL as 60000 and check the total income sheet, it will reflect the loss on HP

Manoj Prasad

Manoj Prasad (Querist)

10 August 2013 BUT FOR YOUR KIND INFORMATION YOU CAN'T PUT NEGATIVE (-) DIGIT/AMOUNT ...IN THE FORM..

PLEASE CLEARLY TELL ME THE POINTS WHERE TO PUT THESES FIGURES..THANKS WITH REGARDS..

CA UMESH DULAL

CA UMESH DULAL (Expert)

13 August 2013 Plz fill the interest paid u/s 24b row
it should take the value

if not, plz download latest excel utility

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