Unclaimed housing loan interest for last 7 years

This query is : Resolved

suresh (Querist)
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07 June 2012 hi,

I have an housing loan(Loan A) for which i am claiming dedcutions till now. This house i bought before moving to singapore.

I bought another house through home loan(B)for 10 lacs during 5th april 2005. I was in singapore that point of time. I came back to india during May 2006 and I was regularly filing ITRs from 2006 till last year. I did not realise the fact i can claim the interest portion of my repayment till now for the Loan(B)

Till now interest paid from 5th April 2005 till 31st March 2012 comes to 7 Lacs. Can i carry forward this eniter 7 Lacs in the ITR2 sheet(CFL). Please let me know what is the best way to get benefit. i do not realise any rent, since my relatives are staying in that house.

Note : This loan since i have taken when i was in Singapore, still the address in the load document reflects my singapore address for contact.

Your advise and suggestion will be well received, since i am going to hear from experts

VIKAS KUNDU

VIKAS KUNDU (Expert)
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07 June 2012 Once you could not adjust the loss incurred from one house or forget to set off it against any other income, you can not carry forward it. So, forgot the option of CFL even it return of income is filed before due date. Hope the above will be helpful to you.

Nilang

Nilang (Expert)
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07 June 2012 You can take benefit of section 154 in which u can revised your income tax return up to 4 years from the end of the financial year in which assessment order passed and in which you can claim your interest on housing loan but remember you have also to offer annual value of any of the house as income from house property as "Deemed to be let out".

in my opinion if your assessment order is passed in 2008-2009 for assessment year 2007-2008 i.e.for f.y.2006-2007 you can rectify your return of income from f.y.2006-2007.

Thanking you

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suresh

suresh (Querist)
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07 June 2012 Thanks for you valuable inputs. For assessment year 2012-2013 , i have not filed my returns. Hope i can claim this interest(1 lac) for the financial year 2011-2012 as loss since i am not realizing any rent. But i have only once concern, my name and address in the bank loan statement reflects my singapoer address. Is it an issue?

VIKAS KUNDU

VIKAS KUNDU (Expert)
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07 June 2012 My dear colleague, section 154 is for dept. not for assessee mistake. There are other options also available, which you can opt for. If you want, very suitable option, You can mail your return of first year in which you had purchased the house and last return filed. My mail id is ca.vikaskundu@gmail.com

Nilang

Nilang (Expert)
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08 June 2012 Section 154 can also be resorted to by the assessee in terms of following provision-
(2) Subject to the other provisions of this section, the authority concerned—
(b) shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee 1a[or by the deductor], and where the authority concerned is the 2[***] 3[Commissioner (Appeals)], by the 4[Assessing] Officer also.
Thanking you