Query related to home loan interest wrongly shown in itr

ITR 663 views 5 replies

USER

Owner

30 Points Joined April 2015

Hi Experts,

I bought a flat in 2012 (underconstruction) and got it registered on Mar 14. Somehow while filling the ITR assessment year 2014-15 I showed the flat as self occupied considering it's not let out and it was under contruction whole year and only got registered in Mar14 as mentioned. I stay in different city by the way.

The main reason to opt for self occupied while filling ITR was as there were only two options available in ITR form for home loan interest
1. Let Out
2. Self Occupied.

The other thing was on 10th Mar 14 I finally let the flat out almost 6-7 days after registration done.

I filed the ITR after due date(31st Jul 14) on 30th Aug 14.

Later I came to know if the property is not self occupied/under construction I could claim the complete interest amonut which was more than 360000 INR for the year but while claiming I could only show 150000INR as I showed it self occupied.

Now I am thinking if somehow I can file revised ITR and can claim the complete interest amount.

Please suggest.

Regards

Replies (5)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Revised return can be filed at any time before expiry of one year from the end of the relevant AY or before the assessment is complete, whichever is earlier. In your case, if assessment is completed (which probably would have been) then u cannot revise the return.

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Moreoever, u have filed return after due date and hence revision of belated return may not be possible

USER

Owner

30 Points Joined April 2015

Thanks Poornima for your reply,

So finally, if return is filled after due date, is there any possible way to file a revised return??

Also I did the same mistake this time in paying advance tax for year 2014-15, I mentioned as self occupied though it is let out. So please suggest me how and where to correct it while filing ITR this time.

Dipjyoti Majumdar

CA in service & CS. dipmaj@

3489 Points Joined June 2011

In current year you can always claim refund for excess payment of advance tax by filing ITR.

Regards,

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

This might help u:

/forum/tds-claim-324533.asp#.VSar1fmUfGA Read more at: /forum/details.asp?mod_id=324664&offset=1

As suggested by Dipjyoti, even if u have paid excess advance tax, u can claim refund when u file ITR. While filling up ITR2 (most probably), please ensure to select correct option as self occupied or let out.