2 How to indicate residence mortgage curiosity for self occupied home in ITR 1 tax return ?
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In ITR1 which column I can use for deduction below 24B ( Home mortgage Interest upto 2laksh)?
Solution – By Amlan Dutta
In ITR 1, you do not depict residence mortgage curiosity individually …Here’s the way you do it , you compute the compute whole earnings from home property after which present this earnings ( optimistic/unfavorable ) below earnings head …
Let me make this clear with a instance . Firstly property might be self occupied or set free
(a) Self occupied home
If suppose property is self occupied home and mortgage curiosity is 140000 Rs .
Then this interprets to deal with property earnings as
= ( Net annual worth – commonplace deductions )
(Std deductions are 30 % of web annual worth and residential mortgage curiosity below 24(b) .Note that Net annual worth (NAV of a self occupied home is all the time zero )
= 0 – !40000
= -140000 Rs……you may be then required to place this worth immediately there
(b)Let out home
If suppose property is set free , once more first arrive at earnings of home property
= (Net annual worth – commonplace deductions ).
(Std deductions are 30 % of web annual worth and residential mortgage curiosity below 24(b) .Note that Net annual worth (NAV of a self occupied home is all the time zero )
= Say X Rupees.
You are then required to immediately put the ultimate worth of this earnings within the earnings from home property area ,
.
.( It is just in increased ITR’s (ITR 2/3/4 ) and so forth that breakup is required and fields are given the place you may immediately put in curiosity element and so forth and so forth …if you happen to nonetheless get caught , my watsapp is 0 9 1 6 7 0 0 2 3 2 7
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