Is it possible to set off interest on house loan against salary income
5 Replies
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 01 April 2016
You may claim interest on house loan u/s 24b by showing a negative figure of interest on house loan in your ITR in the head 'income from house property'
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 01 April 2016
If you submit provisional certificate of your home loan account to your employer, your employer will adjust your TDS deductions accordingly. Therefore, you won’t have to wait until the year end to find out your tax liability and adjust your tax.
Provisional certificate should contain breakup of the principal and interest paid in the current financial year, otherwise your employer may reject your claim.
Vijay Bansal
(15 Points)
Replied 02 April 2016
Land should be in the name of assessee. Generally loan is taken in the name of assessee but owner of land is others
Jyothis
(Article)
(1127 Points)
Replied 03 April 2016
ITR 2 of 2013-14 was filed only with Salary income (on its last day) 31.03.2016.
Interest on housing loan was not deducted in computation of total income/Tax payable,however in houseproperty sheet,interest is shown as negative.
DO I need to adjust it somewhere else in ITR.
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