Regarding home loan interest claim as deducation

This query is : Resolved

Rashmi (Querist)
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14 July 2012 Dear Friends,

Can any one tell/guide with the process note or option claim any refund in the below mentioned case.

Loan Start date - 16-Jul-2009
Outstanding Loan - 48,00,000
Total EMI per month Rs.65,800
Rate of Interest (Fixed) - 9.50%

Client works for a software company with annual salary income of Rs. 25,00,000. He did his Income tax return filing just last week i.e. 7th July 2012 basis his form 16. Though he has been paying home loan EMI form past 3 years with more that Rs. 1,00,000 as principal & and interest more than Rs. 1,50,000 in any previous financial years, but unfortunately he was not aware that he can show these to claim deducation. Since his 80C part is always taken care with PF & PPF, but he never claimed 24b i.e interest on home loan.

Now his concern is how to go ahead and claim these deducation for this AY year where he had aleady paid interest more than Rs. 1,500,000 during the previous financial year as well as the previous yeasr since 2009 when the repayment actually started.

Is it possible to put a revise IT filing for this AY and show this interest and principal as deducation and get the claim ??

Can he also show the previous Years i.e. since 2009 interest paid and principal paid and claim deduction..??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 July 2012 He can file a revised return for AY 11-12 and AY 12-13 only.

Revised return CANNOT be filed for earlier years as the time period for filing the same has expired.

Rashmi

Rashmi (Querist)
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14 July 2012 Thank you Siddhartha,

Is that he needs to revise the filing before 31st July 2012 or he has some more time left for this ?? What is the time left for him.??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 July 2012 Revised return can be filed upto one year from the end of the assessment year.

Accordingly last date of filing revised return is as under:

AY 11-12 : 31.03.2013
AY 12-13 : 31.03.2014

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