TILL TO DAY ITR 2 & ARE FAULTY FOR EXPENSES ON IMPROVEMEN OF PROPERTY SCHUDEL IS NOT PROPERLY VISIBLE ALSO IN INCOME LOSS FROM HOUSE PROPERTY SCHEDULE INTEREST PAID ON BORROWED CAPITL IS GOES TO CFL SCHEDUL AND ASSESSEE DO NOT GET EXEMPTION I AM REQUESTING THE CA INSTITUTE TO TAKE UP MATTER WITH FM AND CBDT
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NEW PORTAL OF ITAX
Replies (1)
Improvement expenses are typically treated as capital costs (claimed during capital gains computation) rather than house property deductions. If interest on borrowed capital is moving to Schedule CFL instead of offsetting income, it is likely due to the "New Tax Regime" selection, which restricts such set-offs. Ensure the "Old Tax Regime" is selected if you wish to claim this deduction against other income heads, and use the portal's "Grievance" module if you suspect a technical defect.
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