Home loan interest and acquisition of flat

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sudhir (Querist)
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28 June 2014 Sir,
kindly clarify following doubt:-

- should the flat acquired (approx Rs 35 lakh) in 2013-14 be shown in ITR-2? If yes, then in which part of ITR-2?

- which part of ITR-2 should we enter home loan interest amount paid in 2013-14, to claim deduction under sec 24 of IT. In one excel form of ITR-2 available on internet, filling interest information under "Schedule HP" of ITR-2, carries forward the dedn for the next Assmnt year instead of 2014-15?

Rupesh Jain

Rupesh Jain (Expert)
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28 June 2014 you can file ITR-1 if your exempt income below rs. 5000/-

otherwise itr-2

your house is self occupied then you can enter the negative (-) figure in income from house property of intt. paid by you on loan up to rs. 150000/- if your intt above rs. 150000/- then upto rs. 100000 you can claim u/s 80EE . if your intt. of Rs. 100000/- not use for the f y 2013-14 then you can calim the balance of Rs. 100000/- can claim in next year.

Rupesh Jain

Rupesh Jain (Expert)
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Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 June 2014 please file ITR2. helps you to claim carry forward of loss. and yes, it has to be covered under HP sheet

80EE deduction is available only if this your first house.

sudhir

sudhir (Querist)
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28 June 2014 query not answered as asked!!

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 June 2014 Dear Sudhir,

answer to Question 1 is that you dont show the purchase in the ITR. You just show the income earned from the same and this income is shown in HP sheet along with interest deduction

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