Categories
Pagination Scroll
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?
  • Show Placeholder
  • Hide Discussion
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
  • ·
  • Like
  • ·
  • Select as Answer