POSTED BY February 16, 2014 2:04 pm COMMENTS (4)
ONI have recently transferred my housing loan from SBI to PNB. For the FY 2013-14, the interest component of my housing loan is around Rupees 3,30,000. I live in the same house for which this housing loan is taken. This house has two units, and the other one is on rent @ Rupees 5200 per month. I have added this rental income in my IT return. In this scenario, may I avail a rebate on total interest amount, i.e., Rupees 3,30,000 under section 24 of Income tax act. Please advise.
– Roop narayan
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Dear Roop, at least for last ITR, you can file a revised return. For years prior to that, if assessment has been done, you can not do anything now.
Thanks
Ashal
Thanks Ashal. Section 24 was not in my knowledge earlier. Upper floor of my house is on rent since 2008, and I paid around Rs 3 lacs interest against home loan every year but claimed rebate up to rs 150000 only. Thus, i paid excess income tax for past 5 years. Are there any ways to get excess income tax refund ?
Thanks Ashal
Dear Roop, as the house in question is on actual rent, you can claim full interest benefit.
Thanks
Ashal