U/s 24 (b) interest on h.b.a. loan

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H Shah

Engineer

25 Points Joined June 2014

I am working in an Autonomous body of Govt. of India, where I have declared HBA interest to my employer and TDS is calculated after deducting 1.5 lakh from my gross salary. Now my question is that shall I mention that HBA interest in ITR-1 while filling e-return? Last year I did mention the HBA interest in negative but I received a Intimation from CPC Income tax and the gross salary as computed under section 143(1) was different (1.5 lakh less) than What I provided in my return.

Thanks

Replies (3)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

you have to show intt. on housing loan as deduction in your itr or else you wont get ots benefit and tax payable will also increase accordingly......... i dont know what you did with your last year return but the best possible guess that i can make is that you would have deducted the housing loan intt. before calculating gross salary and thats why you received a diff. computation in 143(1)............. this time be sure not to include loan intt. in gross salary and show it separately.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

there is one more possibility that your deductor would have shown your taxable salary after including the deduction of housing loan intt. in its tds return.