Which form is suitable

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 Hi,

I have a doubt, if the individual paying interest on housing loan and he is claiming exemption so which income tax form is suitable for him,Please give the answer.

Thanking You.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

08 July 2013 if your income is salary, then you can use the ITR-1

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

08 July 2013 itr1 is suitable for him.

Upgrade to CAclubindia Pro. Subscribe Now!

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
Follow

08 July 2013 Ya Agree with The Experts

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 There is no need to show interest on housing loan in in income tax return, please suggest me

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

09 July 2013 Need to show the interest on housing loan as Income from house property negative figure

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 i.e, Gross Salary ( After Claiming all Exemptions)-Interest on Housing Loan= Income From Salary
This Income from Salary Only Shown in ITR-1 Return

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

09 July 2013 No, that is not the way. Salary income only the gross salary less applicable exemptions and deductions. Interest on housing loan covered under Income from house property head,so need to show separately, after adjusting the same with salary income then you can apply deductions under chapter VI-A

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 Sorry I Didn't understand. Just Tell Me Interest on Housing Loan Where I Show in ITR-1 Form

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

09 July 2013 you need to show in the Income sheet row number 42 & Serial number 2.Income from one house property. and also select the nature of the house whether self occupied or letout

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 i have to show negative balance in the column of Income of House Property

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

09 July 2013 yes, you have to show negative. as minus symbol putting before your loss

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2013 thank u very much for valuable advice Mr.CMA Ramesh