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Sanjib Basak

Home Loan interest under 24(b)...
A taxable person received in his bank account Rs 5 Lakh from ICICI Home loan A/c For FY 17-18. Where this amount show in ITR 1?
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Amlan Dutta
Assuming that home is already handed over and self occupied, the home loan repayment for the interest portion can be shown under deduction portion of the ITR while computing income from house property (24(b) ....This has a upper cap of 2 lakh rs and (ii) the principal portion of the home loan can ...
Assuming that home is  already handed over and self occupied, the home loan repayment for the interest portion can be shown under deduction portion of the ITR while computing income from house property (24(b) ....This has a upper cap of 2 lakh rs  and (ii) the principal portion of the home loan can be shown under 80 c ...this falls within the 80 C savings limit( at present 1.5 lakhs) ...say the 5 lakhs is 4.8 lakhs interest and 20,000 principal , then you can show 2 lakhs under 24(b) and 20,000 under 80 C...remaining portion of interest shall be carried forward<br /><br />Check attached image for knowing how to show it in ITR
  • July 24, 2018
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S V

Deduction benefit for let out property...
In Income from House Property, there is deduction of interest paid on loan taken for acquiring home or repairs. If my house is let-out, there is no limit on the deduction that I can claim on interest paid for acquiring/repairing home. Now, I want to repair my home. My question is, can this loan for ...
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Arjun

Deduction benefit for let out property...
Hello siri have taken second home loan for flat in mumbai , its not rented my son is living there, I am living in ambala in my first home loan house .I am getting income tax rebate on first home loan. can I get income tax rebate on second home loan in which my son is living & how much tax exemptio...
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Amlan Dutta
You have to show this property as deemed let out property and show notional rent on it post which you get same deduction benefits as let out property would entitle you to, namely

(1) 30% of net annual value and
(2) loan interest under 24(b) subject to 2 lakhs

(The benefits are for individual proper...
  • April 20, 2018
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