INTREST ACCRUED ON HBA-U/S 24(1)V1
This query is : Resolved
05 August 2016
where should be the amount be shown of 80EE in itr1 as there is no column for 80EE inA.Y(2016-17) ITR-1 . That is for payment of interest against house loan.
my interest on house loan is paid but I don't know where to show this amount as This deduction for me...
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05 August 2016
deduction under Sec.80 EE is not available for A.Y.2016-17. It was for A.Y>2014-15 & 2015-16.
05 August 2016
so where the amount shown for this section in my form 16 shall be adjusted in itr-1???
01 August 2024
For the Assessment Year 2016-17, the deduction under Section 80EE for interest on home loan was applicable for individuals, but it was not directly available in ITR-1. You need to adjust it in your tax return manually, as follows:
### **Steps to Show Deduction under Section 80EE in ITR-1:**
1. **Interest on House Loan (Section 24(b)):**
- **Column to Use:** Enter the interest on housing loan under Section 24(b) in **“Income from House Property”** section of ITR-1. This is for the interest on home loan for which you can claim a deduction of up to ₹2 lakh per annum.
2. **Section 80EE Deduction:**
- **Additional Deduction:** Since Section 80EE allows a deduction of up to ₹50,000 on interest on home loans over and above the deduction under Section 24(b), you need to include this deduction in the total amount of “Deduction” which you will manually adjust.
3. **How to Include Section 80EE Deduction:**
- **Compute Total Deductions:** Add the deduction under Section 80EE to the total deductions in the "Deductions" section.
- **Manual Adjustment:** Although ITR-1 does not have a dedicated field for Section 80EE, you can claim this deduction by adding it to the total deductions that are otherwise allowed.
4. **Filing the Return:**
- **Declare Amount:** Ensure you declare the total eligible amount of deductions correctly while filing your return.
- **Document:** Keep documentation and proof of the interest payments and deductions claimed in case of future queries or verification by the tax authorities.
### **Practical Example:**
- If you have interest on house loan under Section 24(b) amounting to ₹1,50,000 and interest under Section 80EE amounting to ₹40,000:
- Enter ₹1,50,000 in the "Income from House Property" section under Section 24(b).
- Add ₹40,000 (deduction under Section 80EE) to your total deductions.
### **Summary:**
- **ITR-1 does not have a specific field for Section 80EE.**
- **Include the deduction amount manually in the total deductions.**
- **Ensure proper documentation is maintained for future reference.**
If you have any uncertainties, consulting a tax professional can ensure accuracy in your return filing.
### **Steps to Show Deduction under Section 80EE in ITR-1:**
1. **Interest on House Loan (Section 24(b)):**
- **Column to Use:** Enter the interest on housing loan under Section 24(b) in **“Income from House Property”** section of ITR-1. This is for the interest on home loan for which you can claim a deduction of up to ₹2 lakh per annum.
2. **Section 80EE Deduction:**
- **Additional Deduction:** Since Section 80EE allows a deduction of up to ₹50,000 on interest on home loans over and above the deduction under Section 24(b), you need to include this deduction in the total amount of “Deduction” which you will manually adjust.
3. **How to Include Section 80EE Deduction:**
- **Compute Total Deductions:** Add the deduction under Section 80EE to the total deductions in the "Deductions" section.
- **Manual Adjustment:** Although ITR-1 does not have a dedicated field for Section 80EE, you can claim this deduction by adding it to the total deductions that are otherwise allowed.
4. **Filing the Return:**
- **Declare Amount:** Ensure you declare the total eligible amount of deductions correctly while filing your return.
- **Document:** Keep documentation and proof of the interest payments and deductions claimed in case of future queries or verification by the tax authorities.
### **Practical Example:**
- If you have interest on house loan under Section 24(b) amounting to ₹1,50,000 and interest under Section 80EE amounting to ₹40,000:
- Enter ₹1,50,000 in the "Income from House Property" section under Section 24(b).
- Add ₹40,000 (deduction under Section 80EE) to your total deductions.
### **Summary:**
- **ITR-1 does not have a specific field for Section 80EE.**
- **Include the deduction amount manually in the total deductions.**
- **Ensure proper documentation is maintained for future reference.**
If you have any uncertainties, consulting a tax professional can ensure accuracy in your return filing.
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