Gaurav Arora (B.Com) (50 Points)
24 July 2013Please help me to file return online if i have Interest of Housing Loan U/S 24. Bcoz there isnt any option to type the amount in my PAN E-filing. I am government Employee and first time filing return online.
on which block i can write the housing loan exemption amount??
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 24 July 2013
U should mention this under schedule for income from house property- HP and mention under sec 24(b).
Gaurav Arora
(B.Com)
(50 Points)
Replied 24 July 2013
i want to claim Rs 40000 under section 24 but i dnt knw whr to type this amount means which block if anybody can help... pls tell me which block is suitable for this??
Gaurav Arora
(B.Com)
(50 Points)
Replied 24 July 2013
| Originally posted by : M.com CA,CS FinTushar Sampat | ||
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U should mention this under schedule for income from house property- HP and mention under sec 24(b). |
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I just typed 40000 under income from house property but now its telling me to pay more tax and i cant see section 24B under income details....
Ankit Agarwalla
(CA)
(281 Points)
Replied 24 July 2013
just put -40000 in income from house property column
Gaurav Arora
(B.Com)
(50 Points)
Replied 24 July 2013
| Originally posted by : Ankit Agarwalla | ||
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just put -40000 in income from house property column |
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Okay Thank you menas we can put (-) sign without worries??
is it authentic???
Vishal C
(VP)
(22 Points)
Replied 30 July 2013
Hi Ankit,
I am a salaried employee.
My interest on housing loan comes to Rs. 4,88,632.
I have put -4,88,632 in house property column and submitted my online ITR1 form.
As the max. Home loan interest upto Rs 1,50,000 under Section 24, I am in doubt as to whether I should have put -150,000.
I have entered the full actual interest amount. Hope the same is fine. If not, please guide what needs to be done
Thanks in advance :)
Ankit Agarwalla
(CA)
(281 Points)
Replied 30 July 2013
Did your tax liability reduce when you entered this increased amount of interest? I mean did your tax become refundable?
Since the said field is for income from House property, it doesn't distinguish between Self Occupied(Interest limit of Rs 150000) & Let Out Property(No Limit of Housing Loan Interest). So, i beleive the return has been accepted by the Deptt assuming your interest amount to be on Let out Property.
If possible file a revised return to avoid any unwanted assessment proceedings
Regards
Vishal C
(VP)
(22 Points)
Replied 31 July 2013
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Originally posted by : Ankit Agarwalla |
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Did your tax liability reduce when you entered this increased amount of interest? I mean did your tax become refundable? Since the said field is for income from House property, it doesn't distinguish between Self Occupied(Interest limit of Rs 150000) & Let Out Property(No Limit of Housing Loan Interest). So, i beleive the return has been accepted by the Deptt assuming your interest amount to be on Let out Property. If possible file a revised return to avoid any unwanted assessment proceedings Regards |
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Yes, the tax liability reduced and was refundable.
So I better a file a revised return.
Please advise on how to file a revised return
Thanks and Rgds
SATYANJAYA
(Others)
(22 Points)
Replied 05 July 2015
i am confused about deduction from interest for home loan. sec 24 or sec 80 ee. loan sanctioned on sept 2014. what next? and there is no mention about sec24 in itr 1. pls make it lucid?..total confused and filing home loan for 1st time
CAclubindia
