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Tally Gyan (MBA) (430 Points)

21 July 2011

Where should interest on housing loan be shown in ITR 2 ?

Dear Sirs/Madams

As we know about repayment of repayment of housing loan can claim in u/s 80C? but tell me how can claim the Paid Interest on housing loan in ITR-2 ( For Individual )? Everyone says to me u can claim the Interest on housing loan in column of Ineterest on capital borrowed in HP sheet of ITR-2? Tell me, Is right answer....but i have already done it & after that I didn't find any tax deduction effects in tax payble column...........Plzzzzzz Sirs/Madams help me....em in trouble....!

Best Regards

Naveen Sethi

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3 Replies

Shah Tarun (Student) (800 Points)
Replied 21 July 2011

Yes It is right,

You can claim PRINCIPAL repayment u/s 80C and INTEREST portion can be claimed under the head Income from House Property,This will be taken as loss from House property and will be set off against other income...

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VIPIN KUMAR (Practicing) (309 Points)
Replied 21 July 2011

Dear Naveen firstly you have to activate excel sheet if you don't then cells effect can not activate. You can get deduction after filing the amount of interest above said coloumns. After the write you have to VALIDATE the sheet if sheet is ok then you can see the effect on the page of PARTB-TI-TTI.

Thanks & regards

VIPIN KUMAR

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Tally Gyan (MBA) (430 Points)
Replied 21 July 2011

Thanks to Tarun sir & Vipan sir......Now my query has been solved......Your reply is absolutly right..Becoz i didn't mention the proper address of property earlier.....!

Thanks a lot Sirs!

Best Regards

Naveen