A state govt. is presently repaying EMIs for the house recently constructed.He is presently residing in it. Can he use ITR-1 to file his IT returns? There is no item in ITR-1? Please tell me which form to use? and How?.
Can he claim HRA exemption also if he lives in his own house?
ITR - 2 should be used if he is paying interest on housing loan as he can claim deduction u/s 24.
Rest he can claim deduction u/s 80C for repayment of housing loan.
HRA exemption can be claimed only when rent is being paid by the assessee.
Since he is residing in his own house and not paying rent, so full HRA will be taxable.
no HRA exemption. he can file ITR 2 and claim deduction. since it is self-occupied, max deductionu/s.24 is Rs.150000/-
CAclubindia
