HOUSE PURCHASE
This query is : Resolved
04 April 2021
Sir
Humlog ney 1 house purchase kiya hai jiske 3 owner hai. So Sir ITR mai kaise show karenge isko ji.
And loan bhi liya hu against house.
So please advice ji..
Humlog ney 1 house purchase kiya hai jiske 3 owner hai. So Sir ITR mai kaise show karenge isko ji.
And loan bhi liya hu against house.
So please advice ji..
07 April 2021
There is no need to show the house value in ITR. If the taxable income exceeds INR 50 lakhs then assets and liabilities are required to be disclosed. If you are getting any income on that house such as rent, disclose it as income from house property.
Interest on loan can be claimed both in case of let out as well as self-occupied subject to limits.
Interest on loan can be claimed both in case of let out as well as self-occupied subject to limits.
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