Pl Help. I have paid interest of Rs 24000/- as HBA for the Fy 2013-14. My Gross Salary is Rs 8,00,000.00 for FY 2013-14. While filing IT Return ITR I (SARAL), Where to show Rs 24000/-. 1) Should I show my Gross Salary as Rs 7,76,000/- in col 1 of ITR-1? OR 2) Should I show Rs - 24000/- [Minus Rs 24000/-] in Col 2 (Income from House Property? Pl Pl Clarify as there is No Column in ITR_1 for benefit of loan interest claimed from HBA.
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Loan on house building advance
Replies (2)
In this Case you have to prefer ITR-2 and show loss under Income from house Property, you can't go for itr-1, itr-1 is for individuals having salary income and income from other sources(eg:interest,family pension etc..)
one more thing is you are saying as advance,unless you have possession of that building interest paid won't be deductible but you can claim that in suceeding years on an average for a period of 5 yrs(i.e,Interest paid for construction or possession before the financial year in which you got actual possession will be deducted for a period of five years from the year of possession on an average)
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