How to show home loan interest for self occupied house in ITR 1 tax return

2  How to show home loan interest for self occupied house in ITR 1 tax return ?



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In ITR1 which column I can use for deduction under 24B ( Home loan Interest upto 2laksh)?





Solution - By Amlan Dutta



  In ITR 1, you don't depict home loan interest separately ...Here's how you do it , you compute the compute entire income from house property and then show this income ( positive/negative ) under income head ...



Let me make this clear with a example . Firstly property can be self occupied or let out



(a) Self occupied house

If suppose property is  self occupied house and loan interest is 140000 Rs .



Then this translates to house property income as

= ( Net annual value - standard deductions )  

(Std deductions are 30 % of net annual value and home loan interest under 24(b) .Note that Net annual value (NAV of a self occupied house is always zero )



=   0 - !40000

=   -140000 Rs......you will be then required to put this value directly there





(b)Let out house

If suppose property is let out , again first arrive at income of house property

= (Net annual value - standard deductions ).

(Std deductions are 30 % of net annual value and home loan interest under 24(b) .Note that Net annual value (NAV of a self occupied house is always zero )

= Say X Rupees.

You are then required to directly put the final value of this income in the income from house property field ,

.

.( It is only in higher ITR's (ITR 2/3/4 ) etc that breakup is required and fields are given where you can directly put in interest component etc etc ...if you still get stuck , my watsapp is 0 9 1 6 7 0 0 2 3 2 7