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Carry forward of excess interest of housing loan
if interest = 4,50,000 and maximum limit is upto 2,00,000 so can we carry forward to next year the excess loss of 2,50,000 as itr-1 is showing that to claim in excess amount to carryforward please file itr-2 ??
Replies (12)
Quick Summary
if property is LO then there is NO limit of interest as deduction
but if property is SO then upto Rs. 2,00,000 only
if property is LO then there is NO limit of interest as deduction
but if property is SO then upto Rs. 2,00,000 only
Property is SO and while filling itr-1 it is showing that to carry excess loss of 2.5 lacs file itr-2 , is this possible ??
I think , it is NOT possible to carry forward interest and maximum upto only Rs. 2,00,000
Thank you
welcome !
If you wish to set off the loss in subsequent year kindly file ITR 2 else the excess amount will not be carry forward..
Property is self occupied and there is only interest of 4,50,000 and 2,00,000 can be setoff and can we carryforward rest 2,50,000 amount ?
Yes w.e.f FY 2018-19 it is allowed
Somewhere it is written that carry forward is applicable in case of letout as i haven't found this under act ??
BUT in the case of LO , there is no limit of interest deduction , whole amount shall be allowed and balance shall be c/f
In case of LO also maximum loss which can be setoff is 2,00,000 and rest is carry forward , but my question is i found it no where (act) it is clearly written that this carry forward is possible in case of SO ?
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