Rectification of itr
This query is : Resolved
12 February 2018
SIR,
I HAVE FILED AY 2016-17 ITR ONLINE AND MY RETURN ALSO PROCESSED BY ITD CPC.I ALSO RECEIVED INTIMATION U/S 143 (A) FROM ITD CPC. IN THIS RETURN I CLAIM SEC 89A (ARREAR OF SALARY 10E) OF RS. 8980/- BUT DUE TO NOT ONLINE FILE 10E MY RETURN IS PROCESSED WITHOUT REFUND.
NOW MY PROBLEM IS
(1) WHEN I CHECK MY 10 E AGAIN I KNOW 89(A) CLAIM IS 14725/- AND SAME IS FILED BY ME ON 10 FEB 2018
NOW MY QUESTION IS WHAT SHOULD I DO ? SHOULD I REVISED MY RETURN DUE TO CHANGE IN 89A AMOUNT CLAIM OR JUST RECTIFY MY RETURN
IN ITR WEBSITE ONLINE RETIFICATION FACILITY IS AVAILABLE WITH BELOW 3 OPTION
(1) TAXPAYER IS CORRECTING DATA FOR CREDIT MITMATCH ONLY
(2) TAXPAYER IS CORRECTING DATA IN RECTIFICATION
(3) NO FURTURE DATA CORRECTION REQUIRED JUST REPROCESS MY ITR
SHOULD I REVISED RETURN US 139 (5) OR RECTIFY MY RETURN
PLEASE REPLY ME URGENT WITH BEST OPTION
I HAVE FILED AY 2016-17 ITR ONLINE AND MY RETURN ALSO PROCESSED BY ITD CPC.I ALSO RECEIVED INTIMATION U/S 143 (A) FROM ITD CPC. IN THIS RETURN I CLAIM SEC 89A (ARREAR OF SALARY 10E) OF RS. 8980/- BUT DUE TO NOT ONLINE FILE 10E MY RETURN IS PROCESSED WITHOUT REFUND.
NOW MY PROBLEM IS
(1) WHEN I CHECK MY 10 E AGAIN I KNOW 89(A) CLAIM IS 14725/- AND SAME IS FILED BY ME ON 10 FEB 2018
NOW MY QUESTION IS WHAT SHOULD I DO ? SHOULD I REVISED MY RETURN DUE TO CHANGE IN 89A AMOUNT CLAIM OR JUST RECTIFY MY RETURN
IN ITR WEBSITE ONLINE RETIFICATION FACILITY IS AVAILABLE WITH BELOW 3 OPTION
(1) TAXPAYER IS CORRECTING DATA FOR CREDIT MITMATCH ONLY
(2) TAXPAYER IS CORRECTING DATA IN RECTIFICATION
(3) NO FURTURE DATA CORRECTION REQUIRED JUST REPROCESS MY ITR
SHOULD I REVISED RETURN US 139 (5) OR RECTIFY MY RETURN
PLEASE REPLY ME URGENT WITH BEST OPTION
13 February 2018
Revise the return u/s 139(5).
16 March 2018
SIR PLEASE REPLY SIR, WE HAVE TAKEN HOME LOAN IN FY 2017-18 JOINTLY (IN NAME OF BROTHER AND SISTER) NOW WE PAID 2.5 LAC IN HOUSING LOAN ACCOUNT (2 LAC INTEREST AND FIFTY THOUSAND IN PRINCIPAL. NOW I WANT TO ASK THAT AS MY SISTER INCOME IS HIGHER AND WE WANT TO TAKE FULL DEDUCTION OF RS. 2.5 IN SISTER ITR CAN I DO THIS. AND SECOND ISSUE IS FIRST NAME IN HOUSING LOAN IS BROTHER NAME. PLEASE REPLY IN DETAIL
16 March 2018
Tax benefits on a joint home loan are available to all the joint owners. It’s pertinent to note that ‘ownership’ in the property is a pre-requisite to availing any tax benefits against the property. You may have taken the loan jointly, but unless you are an owner in the property – you may not be entitled to the tax benefits.
There may be a situation where you are paying the entire loan installment and the co-borrower is not contributing any payments. In such a case, you may claim the entire interest as a deduction in your Income Tax Return.
Tax benefits on a joint home loan are available to all the joint owners. It’s pertinent to note that ‘ownership’ in the property is a pre-requisite to availing any tax benefits against the property. You may have taken the loan jointly, but unless you are an owner in the property – you may not be entitled to the tax benefits.
There may be a situation where you are paying the entire loan installment and the co-borrower is not contributing any payments. In such a case, you may claim the entire interest as a deduction in your Income Tax Return.
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