Hi,
while claiming loss on property due to home loan interest(under itr2) i selected schedule on house property and entering house details and interest payable under borrowed capital. I was expecting total head salary to come down but now the interest portion is going to carry forward instead of current Assessment year.
am i filling the right schedule to claim home load interest benefit for current assessment year or is it glitch in website ?
No glitches, site runs smoothly
Hi,
Check the amount of Interest on loan you are claiming under section 24b. Interest upto Rs 2 lakhs is allowed as deduction during the current year. Any interest above Rs 2,00,000 shall be carried forward to next financial year.
Also check whether you are entering interest amount as preconstruction Interest or not. Interest for the preconstruction amount is as deduction till the possession of the property is received.
Chirag N Shah & Associates
Mumbai
CA Inter
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