EMI ISSUE IN HOUSING LOAN OLD REGIME
This query is : Resolved
TARIQUE RIZVI
(Querist)
28 August 2026
Respected Sir,
ITR FILING IN OLD REGIME
=====================
Professional Charges Receipt Rs 14,40,000
44-ADA income 50% Rs 7,20,000
Less Housing Loan Intt Rs 2,00,000
Less 80-C EMI Rs 1,50,000
====================================
TAXABLE INCOME RS 3,70,000
TAX LIABIITY RS NIL
=====================================
BANK has given us us duly authenticted repayment schedule wherein EMI and interest is very clearly visible. Howsoever some experts have advised us to file under new regime after filing form. Deductoin of EMI under secction 80-C in old regime may attract income tax notice which is an unwated headache.
WHAT TO DO SIR IN SUCH A CASE. PLEASE ADIVE ME AND OBLIGE DUE DATE BEING 31ST AUG 2026
ITR FILING IN OLD REGIME
=====================
Professional Charges Receipt Rs 14,40,000
44-ADA income 50% Rs 7,20,000
Less Housing Loan Intt Rs 2,00,000
Less 80-C EMI Rs 1,50,000
====================================
TAXABLE INCOME RS 3,70,000
TAX LIABIITY RS NIL
=====================================
BANK has given us us duly authenticted repayment schedule wherein EMI and interest is very clearly visible. Howsoever some experts have advised us to file under new regime after filing form. Deductoin of EMI under secction 80-C in old regime may attract income tax notice which is an unwated headache.
WHAT TO DO SIR IN SUCH A CASE. PLEASE ADIVE ME AND OBLIGE DUE DATE BEING 31ST AUG 2026
28 August 2026
Once you have filed ITR 3 or 4 under old regime, in any year; you cannot revise it for change of regime.
Do not worry, in case of any query, you can submit bank's certificate of loan principal repayment as proof.
Do not worry, in case of any query, you can submit bank's certificate of loan principal repayment as proof.
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