House property

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Vipin Singh (Querist)

19 August 2011 I had purchase a house and taken loan amounting to Rs. 525000/-. I had paid housing loan interest of Rs. 32043/- out of which principal amount is seperat.But in the ITR - 4 in which section we should mention amount of Rs.32043/-. He is individual person.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

19 August 2011 In the House property sheet the column H 38 named as (g) Interest borrowed capital

Vipin Singh

Vipin Singh (Querist)

19 August 2011 Losses of current year to be carried forward (total of xi of Schedule CFL).

Is it right....reply me soon..pls...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

19 August 2011 yes. it need to be carry forward where the set off of loss cannot done fully in current year

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

19 August 2011 Your house property losses can be set off against other income of current year also.
You need not go to so far
.

First Go to Shedule HP. It is perhaps Second Schedule below the Verification portion.
.
Tick at appropriate place , whether the property is let out. If self occupied keep it unticked.
.
You have to fill up the amount against clause (g) Interest payable on borrowed Capital.
.
In case of manual filing .....
In (h) write again the interest figure .
In (i) write (-) 32043.
.
Then you have to suitably enter/check the details in Schedule CYLA.

Vipin Singh

Vipin Singh (Querist)

19 August 2011 I have filed and as per your suggestion but my coligu told me it wrong. It is showing in system generated file in current year losses if any ...He told me for revised filing..what should I do...

I have already sent to Bangolore this hard and soft copy and right now I want again housing loan ...Should I go to putup this file for loan process...

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