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Home loan interest claim

30 June 2019

how one needs to claim home loan interest under 24B when he/she has not worked in financial year. And which form to be used to claim this interest back. Please help

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7 Replies

Kinjal (student) (312 Points)
Replied 30 June 2019

For single house property, file ITR1, and carry forward the loss upto next 8 years, for set off against income from House property.

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Suresh Thiyagarajan (Student) (3986 Points)
Replied 30 June 2019

1. According to sec 24(b), interest on borrowed capital will be allowed as a deduction to the extent of Rs. 200,000 or the amount actually paid or accrued during the year, whichever is lower.
2. It is not mandatory for an assessee to work anywhere to claim the above deduction, it is enough if the income from such a house is capable of charging it to House property.
3. ITR 1 or 2 will just do fine. If you want to file a detailed return incorporating I would suggest ITR-2.
Please correct me if the above solution has an alternative view.

Ravikant Sharma (IT) (21 Points)
Replied 30 June 2019

Thanks for the inputs, do i need to some extra care while filling the form. As this is the first time i have to file for interest claim when not working so does not want to have any issues while filling ITR

Suresh Thiyagarajan (Student) (3986 Points)
Replied 30 June 2019

1. Yes. You can file with due care, which is good. Even if there is a mistake you can still revise your return.

Ravikant Sharma (IT) (21 Points)
Replied 30 June 2019

Thanks Suresh, could you please let me know what common mistakes i can make... As this is first time and have doubts on tgat

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Suresh Thiyagarajan (Student) (3986 Points)
Replied 30 June 2019

It's pretty straight forward. So, if you have doubts you can ask me.

Ravikant Sharma (IT) (21 Points)
Replied 03 July 2019

Hi Suresh, when I try to get the itr done it says I have to fill in ITR 2 but for ITR 2 you will need to go for the X M L submission but i am not able to find ITR 2 X M L for computation and submission. Can you help here. Thanks