Exemption on interest on housing loan
This query is : Resolved
03 August 2013
1) Home loan: 5 year old.
2) Interest component was greater that 1.5 LAKHS for each year.
3) Property is in a different city.
4) Employer considered exemption of 1.5 Lakhs only.
5) For FY11-12, while filing ITR, "income from house property" was updated to claim correct exemption. Refund was processed and credited promptly.
6) For FY10-11, 09-10 and 08-09, the correct exemption was not claimed while filing ITR (i.e. only 1.5 Lakhs exemption was claimed under "income from house property"). Revised return is not being allowed. So can a "Rectification request" be filed? OR some other way?
Please advise.
2) Interest component was greater that 1.5 LAKHS for each year.
3) Property is in a different city.
4) Employer considered exemption of 1.5 Lakhs only.
5) For FY11-12, while filing ITR, "income from house property" was updated to claim correct exemption. Refund was processed and credited promptly.
6) For FY10-11, 09-10 and 08-09, the correct exemption was not claimed while filing ITR (i.e. only 1.5 Lakhs exemption was claimed under "income from house property"). Revised return is not being allowed. So can a "Rectification request" be filed? OR some other way?
Please advise.
03 August 2013
It is not advisable as the maximum deduction has been availed by you.
.
In case you have not shown any rental income, you can not claim more than 1.5 lac interest as deduction.
.
.
In case you have not shown any rental income, you can not claim more than 1.5 lac interest as deduction.
.
03 August 2013
Thank you Mr. Bafna.
FOR FY11-12, I have claimed exemption on 2.3 lakhs (including rental income). Refund was processed and credited. Similar thing I want to do for FY10-11, 09-10 and 08-09 through rectification or some other way.
FOR FY11-12, I have claimed exemption on 2.3 lakhs (including rental income). Refund was processed and credited. Similar thing I want to do for FY10-11, 09-10 and 08-09 through rectification or some other way.
03 August 2013
It is not so easy to do for the past. In future show your correct income and enjoy the available benefits.
.
The Income form house property has not been disclosed by you (in the earlier years). Why ?
.
.
The Income form house property has not been disclosed by you (in the earlier years). Why ?
.
03 August 2013
Dear Mr. Bafna, the income shown was always correct. But Exemption was not correct for 3 years.
As per employer, only 1.5 Lakh exemption was allowed under this section. But as per ITR1/2 form, more than 1.5 lakhs is allowed if property is not self-occupied and/or is on rent. Only last year I came to know this.
As per employer, only 1.5 Lakh exemption was allowed under this section. But as per ITR1/2 form, more than 1.5 lakhs is allowed if property is not self-occupied and/or is on rent. Only last year I came to know this.
03 August 2013
In case you have mentioned the full interest amount and rental income in the return, Mr. Rakesh, I sincerely wish that your deduction claim should not " Dubey".
.
There is no harm in initiating the procedure
through rectification U/s 154. File rectification application with the AO if not possible electronically.
.
.
There is no harm in initiating the procedure
through rectification U/s 154. File rectification application with the AO if not possible electronically.
.
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