How to claim Home loan interest in income tax

Forums House Property Taxation How to claim Home loan interest in income tax

How to claim Home loan interest in income tax

In bhopal i have one independent home which am paying Home loan Interest of Rs 167000/ yearly and another one is apartment under constructed which am paying home loan interest of Rs 103900 / yearly.now how can i claim both intrest in income tax.

Profile photo of srikanth Asked By: srikanth 2 replies 0 helpful answers Last Updated: 7 months, 1 week ago
  • Profile photo of srikanthsrikanth
    Participant

    In bhopal i have one independent home which am paying Home loan Interest of Rs 167000/ yearly and another one is apartment under constructed which am paying home loan interest of Rs 103900 / yearly.now how can i claim both intrest in income tax.

  • Profile photo of Shreya OturkarShreya Oturkar
    Moderator

    The housing loan interest can be claimed on the house property, post its possession. The interest paid before possession, will be claimed equally for next five years, under pre-construction period interest.

    If there are more than one house properties, only one house property can be claimed as a self occupied property and other has to be claimed as deemed let out (if not actually let out) showing the rent income as per the current market rent of the similar property in same or similar area.

    • Profile photo of TOJI VARGHESETOJI VARGHESE
      Participant

      Can you please guide in ITR 1 as I have indicated the Self Occupied property detail. Now this deemed let out value (rental income) where in the form I should enter the amount. As there is only one option to select either self occupied or let out in ITR 1.

You must be signed in to reply to this question.