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Deduction in respect of interest on house property

RVP27 (Student) (23 Points)

11 July 2016

My uncle who is senior citizen while filing Income Tax Return for f.y.2014-15 showed deduction in respect of Interest On Housing Loan under section 80EE. However loan was taken many years before. Now, since he can't claim that deduction for f.y.2015-16 u/s 80EE wants to claim it u/s 24. Can he do so? What will be impact if he does so in respect of deduction claimed in f.y.2014-15 & f.y.2015-16?

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3 Replies

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 11 July 2016

An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee.
As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
You cannot revise your return for F.Y 14-15 now, however you can do so for return of F.Y. 15-16

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RVP27 (Student) (23 Points)
Replied 12 July 2016

Yes, the return for F.Y.2014-15 is already processed even though Interest was mistakenly shown u/s 80 EE in respect of Int on Housing Loan. Only now I am worried about If they show it u/s 24 for F.Y.2015-16 will there be any problems?