House loan interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 I have taken a house loan last year for self occupied house property. As per the certificate given by bank the interest payout for 2009-10 was rs.185000.00.
Now i am confused on how to show this amount in ITR2. I am allowed deduction of rs.150000 against salary income but what about the remaining rs.35000.00. How this rs.35000 will be treated in ITR.

srinath

srinath (Expert)
Follow

27 July 2010 for self occupied property the maximum interest tat can be claimed is Rs. 1,50,000/-

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2010 Dear Srinath, I am also aware of this fact but i want to know the treatment of remaining interest of rs.35000. Can this be carried over to next year and utilised when the actual interest payout is less than 1.5 lac.For example lets assume that next year the actual interest payout is rs.1.4 lac. Do in that case i take out rs10000 from the rs.35000 carried forward from this year and claim deduction of rs.1.5lac against salary income.
Any way thanks for your reply

Upgrade to CAclubindia Pro. Subscribe Now!

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

27 July 2010 only Rs. 150,000 allowed to be claimed. Rest cannot be claimed and neither be carried forward to future years.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

27 July 2010 Agreed. House loan interest rebate can only be claimed for the interest paid in the current year. This can't be carried forward. so it will be limited to 150000/- only.

P.S : this carry forward facility is only available in the case of pre-EMI interest & that too after the actual possession.