12 November 2013
Dear all, I am facing problem in filling up ITR-4 as there is a HP loan and interest payment. As it is well known that interest is benefited u/s 24 and principal u/s 80c but I am ubable to understand how to treat interest in the said form. Will it be treated in CYL? If yes.. then how to compute taxable income as it says "write nil if HP income is negative".
Plz advice how to fill the form and its total effect?
13 November 2013
Write 0 in the income. in "c" mentions the tax paid.
in "g" mention the interest paid.
Yes the income shall be negative. You can set off the loss against other income head during the same year or carry forward and set off against income from house property in next 8 years.
CAclubindia
