itr 1

14 August 2018

please advise where interest on home loan and where principal amount paid to be shown in ITR 1

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5 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 14 August 2018

Interest shall be shown under Capital gain income head

Principal will be shown under 80C

Pramod Thakur (13 Points)
Replied 14 August 2018

Interest on home loan in above example is interest paid during year to bank

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 14 August 2018

Originally posted by : Pramod Thakur
	Interest on home loan in above example is interest paid during year to bank

Yes

Pramod Thakur (13 Points)
Replied 14 August 2018

can you tell me where it will be shown? should deduction be claimed from income from house property

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 14 August 2018

Originally posted by : Pramod Thakur
	can you tell me where it will be shown? should deduction be claimed from income from house property

Yes.

IN Part A of PNL you can show under No account case business income and expenses

In schedule of HP you can claim deduction of HP which will be carried forward and not adjusted against income of business

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