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Home loan interest not mentione in Form 16

21 July 2011

Hi,

I forgot to mention the home loan interest in investment declaration in my oragnisation and now my Form 16 do not contain deduction of the intreset paid on home loan.

How do I rectify my mistake in Form 16 and how should I go ahead with filing ITR online? Do i need to send any additional document with ITR-V?

Please help!!!

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12 Replies

CA Nitu Agarwal (CA, M.Com) (266 Points)
Replied 21 July 2011

Dont worry.. just mention it in your ITR and claim for refund.... no need to send any other document with ITR V.

Dheeraj Agrawal (NA) (29 Points)
Replied 21 July 2011

Thanks a lot Nitu for such a prompt and accurate reply.

Abhijeet Deshpande (Co-Founder & Manager @ Tax-Yantra) (1171 Points)
Replied 21 July 2011

Agreed with Nitu..

Online filling will provide you the refundable amount..

No need to file any other document

raja dhas (test) (26 Points)
Replied 26 July 2011

Hi Nitu Agarwal / Abhijeet, Even i have the same issue. Where do i need to mention the home loan detail in ITR. I mean in which section? ( I have principal and interest amount for my home loan)

amit jain (Chartered Accountant) (532 Points)
Replied 26 July 2011

you can claim it during filing your return.. in house property income...

Abhijeet Deshpande (Co-Founder & Manager @ Tax-Yantra) (1171 Points)
Replied 26 July 2011

Depending upon which ITR you are filing, you can claim principal amount upto Rs. 100000 u/s 80C in chapter VI A & interest amonuting to maximum of Rs. 150000 u/s 24(b) in House Property. Check that you file the details of property while claiming the exemption, orelse it wont work.

CA Nitu Agarwal (CA, M.Com) (266 Points)
Replied 26 July 2011

Show the principal amount in Deductions column against sec 80C. Make sure that same doesn't exceed Rs.100000.

If the House is self Occupied- show the Intt paid against "Income from House Property" as minus figure.

If it is let out- then calculate Rent Recd less 30% of Rent Recd. less Intt paid. Fill the resulting figure against "Income from house property" as negative/positive, whichever is applicable.

Pawan (Manager) (22 Points)
Replied 26 July 2011

Hi,

I wanted to know I'm filing the ITR 1 for myself. I've taken a home loan where do i put in the repayment & the interest component as the form doesnt give Sec 24. What should i do. In 80C i'm putting my LIC premium, ULIP,PF & Repayment of principal component of my homeloan.

Is this correct??

What about the interest which I'm paying, Do i put it somewhere??

Can you plz help??

CA Nitu Agarwal (CA, M.Com) (266 Points)
Replied 26 July 2011

Treatment is correct for 80C.

Show intt paid on home loan against "Income from House property" as minus figure.

Ethiraj P (Software engineer) (21 Points)
Replied 27 June 2012

Hi Nitu,

I'm filling for refund in investmentyogi website. There is no option like "Income from House property" or u/s 24(b). Below are the ones displayed in their website.

80CCF, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGC, 80U, 80RRB

Please suggest which one to choose.

Shiva (SE) (21 Points)
Replied 11 July 2013

Hi Nitu / Abhijeet,

Thanks for posting this nice article here. Could you please clarify on the following. Appreciate your patince.

1. Do we need to send any copies of the Home Loan proof for Principle & Intrest amount that we added in ITR-1 form wen we are sending the hard copy of final print out?

2. Since home loan details was not reflected in Form-16, will it be an issue in future if we had to use form-16 for any other purpose like taking new home loan...etc

3. Can we expect new form-16 which includes the Home Loan details after we submit for refund?

4. How can we track our REFUND status. Please give any link for online enquiry, if any.

Thanks in advance,

Shiva

Shakti Ranjan Patra (Engineer) (21 Points)
Replied 31 July 2014

I didnt get the possesion of my house and so staying in a rented house. But still I'm paying EMI for my Home Loan, ie Principal and Interest component. So can I claim both HRA and Interest amount paid as Tax Exemption while filing ITR. To be noted, I forgot to declare the Interest Amount paid for Home Loan and so my Form 16 does not contain the Interest amount paid. Pls reply fast as today is the last day for filing the ITR