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Interest paid on home loan considered only for CFL : ITR2 for salaried in incometax site

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Anonymous

Engineer

24 Points Posted on 14 August 2022

I am filling ITR2 and i am salaried person with capital gains. I am filing returns in incometax site using online mode. I have 2 houses, both self occupied. I have paid interest on housing loan. However, this results in loss from HP. However this amount is not deducted from total income before salary computation. It shows the whole interest amount as CFL. When we pay interest for home loan in current year , shouldnt it give us benefit by deducting that amount from total income in current year?

Attached File : 2888466 20220814111604 hp loss.jpg downloaded: 74 times

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Quick Summary

This discussion addresses a salaried individual using ITR2 online to file their taxes. They've paid home loan interest, resulting in a loss from house property, but are unsure why the full interest isn't deducted before salary computation. The user questions if the current year's interest payment should directly reduce their total income and asks for clarification on claiming this deduction.