Home loan interest missed in FY 2022-2023

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1 Points Posted on 22 August 2023

In FY 2022-2023, I did not report the interest on the home loan under section 24(b) to my employer in the investment declaration sheet and therefore it is not reflected in Form 16. I have completed the IT return for AY 2023-2024. I took possession of my house on 5 August 2023. Can I file the revised return showing the home loan interest?

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On 22 August 2023 at 13:56 Report
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Quick Summary
If you missed declaring your home loan interest for FY 2022-2023 in your initial tax return, you can generally file a revised return to claim it. However, interest accrued before the financial year of house possession is considered pre-construction interest and must be claimed in five equal instalments starting from the year of possession. Ensure you retain all supporting documentation for your records.

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"Do the Right Thing...!!!"
128162 Points Posted on 22 August 2023
Yes, You can file.
And keep supportive documents for future reference...
1 Reply
On 22 August 2023 at 14:47
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12244 Points Posted on 22 August 2023
The interest component till March 2023 is prior period interest and you cannot claim it at a stretch. 1/5th of prior period interest has to be claimed for next 5 years including the current year
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On 22 August 2023 at 23:33
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492 Points Posted on 23 August 2023
It depends on the completion of the house. interest upto 31st march preceding the year of completion it is pre-construction interest which cn b claimed in 5 equal installments from the year of completion.
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On 23 August 2023 at 08:42
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CFO- at NHTF
58280 Points Posted on 24 August 2023
When was the construction completed ?

You may start claiming interest and principal from current Financial Year

Preconstruction period interest also can be claimed for 5 years
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On 24 August 2023 at 07:24
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Profession
28271 Points Posted on 24 August 2023
Pay along with interest.
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On 24 August 2023 at 12:35
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CFO- at NHTF
58280 Points Posted on 29 August 2023
House should be there to claim the housing loan and interest
1 Reply
On 29 August 2023 at 08:16

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