Dear all,
With respect to "interest on borrowed capital for housing loan", the exemption limit was 2L for self-occupied property and unlimited for let-out property.
The same is confirmed by the the income tax website (https://www.incometaxindia.gov.in/tutorials/12.%20income-from-house-property.pdf)
However, the ITR1 excel utility does not allow the limit to exceed 2L even in case of let-out property.
I filled the following in ITR1:
1) Entered "Salary"= 11L
2) Selected "Let out" from "Type of House Property"
3) Entered "Gross rent received/ receivable/ letable value" as 1.2L
4) Entered "Interest payable on borrowed capital" as 4.5L.
After entering above figures, the ""Income chargeable under the head House Property" is automatically calculated as 2L. Till last year, the utility allowed more than 2L in case of let-out property. Now, the site says something, the excel does something else.
Please throw light. How do I claim the interest exemption of more than 2L? The actual interest paid is more than 4L in my case.
CAclubindia
