Hello , Where to adjust the Interest portion of Self Occupied House Property u/s 24(b).
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24(b) - interest on housing loan self occupied - where to adjust in itr
Replies (3)
ITR 2/3 ....Schedule HP.....
| (a) | Annual letable value or rent received or receivable (higher of the two, if let out for whole of the year, lower of the two if let out for part of the year) | 1a | |||
| (b) | The amount of rent which cannot be realized | 1b | |||
| (c) | Tax paid to local authorities | 1c | |||
| (d) | Total (1b + 1c) | 1d | |||
| (e) | Annual value (1a – 1d) (nil, if self -occupied etc. as per section 23(2)of the Act) | 1e | |||
| (f) | Annual value of the property owned (own percentage share x 1e) | 1f | |||
| (g) | 30% of 1f | 1g | |||
| (h) | Interest payable on borrowed capital | 1h | |||
| (i) | Total (1g + 1h) | 1i | |||
| (j) | Income from house property 1 (1f - 1i) | ||||
ITR 1....... Sr. no B2(v) of schedule 'Computation of Income & Tax'
Thank you Sir,
One more query sir,
Outstanding tax liability is showing in D5 as Rs.5761 including ( Tax + Cess ), but Sec-234 A/B/C is showing as "0", tax was not calculated,
How do i pay Interest ? Please guide me.
My Dear, interest would have been charged only if your tax liability had been Rs.10,000/-. or more.
As per section 208, every person whose estimated tax liability for
the year is Rs. 10,000 or more, shall pay his tax in advance, in the
form of “advance tax”. (except Senior citizens without PGBP income)
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