Income tax exemption u/s 24

POSTED BY Ajay Kumar ON July 19, 2013 3:29 pm COMMENTS (3)

My query is that the total amount paid as EMI for home loan in FY-2012-13 is 180000 (principal 132416+ interest 47584). I have added 132416 u/s 80C for which i get 100000 exemption but where do i enter the rest of the amount i.e. the interest component (Rs. 47584). I am filing under ITR-1 on the website.

Please advise if i need to fill some other form for getting exemption u/s 24 or is there some other procedure to file ITR for my case also this is the only home loan.

I hope i have provided all sufficient information. please help.

3 replies on this article “Income tax exemption u/s 24”

  1. Anirudha Murdio says:
    July 19, 2013 at 4:22 pm

    Hi Mohit,

    I got possession of home on 23rd march’13. Can i claim exemption of 1.5 lakhs for complete F.Y. 2012-13?

    Thanks and Regards,
    Anirudha

    Reply
    1. Mohit Pandey says:
      July 19, 2013 at 4:36 pm

      Yes, you can claim tax benefit on interest amount but you can not claim tax benefit on principle amount since property was not occupied.

      Reply
  2. Mohit Pandey says:
    July 19, 2013 at 4:15 pm

    Ajay, You have to declare interest part as Income from one housing property (use minus sign to show as loss).

    If property is self occupied then max 1.5 lacks you can declare as loss and if property is let out then whole interest you can declare as loss.

    Hope this will help.

    Reply

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