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I donot find the section 24 & sec 80ee in itr 1?

Ashim kr Ray (social service) (1695 Points)

04 July 2016

Sir, I want to file salary income for the Fy 2014-15 in ITR 1 in which i have to claim deduction of interest paid for the housing loan. Where should i show this in ITR 1 ,please guide.

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5 Replies

CA MANISH BINDAL (CHARTERED ACCOUNTANT ) (535 Points)
Replied 04 July 2016

Loss from house property. Just show it in income from house property coloumn by putting a sign of minus. File itr 2 or itr 1

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Ashim kr Ray (social service) (1695 Points)
Replied 05 July 2016

sir, i donot incurred any loss, i paid interest for the housing loan and want to claim deduction for the same.I am central government employee.And filling ITR 1 every tim.Now where to claim deduction in ITR 1.

CA MANISH BINDAL (CHARTERED ACCOUNTANT ) (535 Points)
Replied 05 July 2016

Ashim Kumar ji,

When there is no rental income from house property and only there is housing loan interest. Then such amount will be treated as loss from the head income from house property. Because such interest is deducted from any amount received as a rent. Hence you are not receiving any rent then the balance of interest paid by you will become Loss from house property. And such amount is to be shown as loss from house property while filing ITR. When you file your itr-1 there is a column income from house property. Click on that and click on self occupied and in that column entered your interest paid by putting a negetive sign (-) then it will be deducted from your salary income and you will get your total income. But if you want a seperate coloumn for that file itr-2 there a seperate column will be given "current year loss if any from house property". But for easiness you can opt itr-1 because it will easily filed through income tax website wihtout downloading any software.

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Ashim kr Ray (social service) (1695 Points)
Replied 05 July 2016

thank you very much

A Kumar (Analyst) (22 Points)
Replied 30 June 2017

I am owning the two properties. one is let out and another is self occupied.

then, where to put the interest portion from self occupied and interest from loss of property due to let out (after deducting the rent amount) while filing the IT return online? can it be shown as combined and shown in the loss from property or does it has seperate sections on the IT return portal?