Income tax return regarding housing loan.
This query is : Resolved
10 March 2015
Dear Sir/Madam
Please guiding to me process and procedure of filling Income Tax Return, when obtain housing loan from commercial bank. In this case what income are disclosed in ITR and what tax are paid and what year are required ITR for housing loan.
Regards: Bablu Kumar Sah
Please guiding to me process and procedure of filling Income Tax Return, when obtain housing loan from commercial bank. In this case what income are disclosed in ITR and what tax are paid and what year are required ITR for housing loan.
Regards: Bablu Kumar Sah
10 March 2015
You have to disclose all the income you earn in the ITR and pay taxes. If your house is self occupied you can claim interest on housing loan up to 2 lakhs and claim u/s 80C up to 1.50 lakhs towards repayment of loan(loan amount). If you are letting out the house you have to disclose rental income and interest can be claimed in full.
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