itr2 / deduction u/s 24 URGENT

Efiling 1308 views 7 replies

john

LEARNER

554 Points Joined November 2009

ITR-2 Housing loan intererest.

Mr. x has his form-16 calculation is as follows

Income chargeble under head salaies 434784

less: loss form house property :68774 (interest on HSG Loan)

gross total income :366010

deduction under chapter via : 20570 (principal HSG Loan)

total income: 345440

tax on total income:23088

edu.cess:693

Tax payable: 23781

TDS:23781

Tax pay/ref : nil

in the ITR-2 Where to fill the amount (interest HSG Loan) (I Downloded ITR-2 from income tax website)

i hav filled in SCHEDULE HP colum g (interest payable on borrowed capital)

but in part b TI (computation of tatal income) i am getting the interest amt in colum no.14(Losses of current year to be carried forward (total of xi of Schedule CFL)

where as in the form-16 the same interest has been deducted before GROSS TOTAL INCOME and because of which tax liability is less:

plz help how to get the exact gross total income as per form-16

Replies (7)

P-A-W-A-N

TAX - MANAGER AT GURGAON

541 Points Joined September 2009

As Per Set off Provisions the House Property Current year Loss is Set off Against Salary Income

There is no Need to Carry Forward The loss of House Property to Next Year

P-A-W-A-N

TAX - MANAGER AT GURGAON

541 Points Joined September 2009

Is Your Question regarding Form 16 Or ITR 2

vijay singla

learner

340 Points Joined February 2010

Kumar

Article

922 Points Joined January 2009

From where did u get Coloum No. 14 in Part B.

Part B has a total of 13 points only.

1 - 7 on computation of tax liability.

8 - 9 on taxes paid.

10 - 13 on refund.

Mukesh Goel

CA CFA

103 Points Joined April 2009

Hi John

Please send the form other wise it is difficult to correct ur mistake

john

LEARNER

554 Points Joined November 2009

dear KUMAR

Plz Refer ITR-2 (A.Y.9-10)

PART B-TI The 14th point is (Losses of current year to be carried forward (total of xi of Schedule CFL)

Plz can any one plz try to fill the above details and get the answer for me, where should i fill the INTEREST ON HSG LOAN Amount in the ITR-2, as the automated links are giving an unexpected answer.