Disclosure in ITR of Interest paid before Completion of House

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  1. Dinesh Kumar

    Dinesh Kumar Member

    AS PER INCOME TAX RULE IF WE PAID INTEREST PAID BEFORE POSSESSION OF HOUSE, IT CAN BE CLAIMED IN EQUAL INSTALLMENT FOR NEXT FIVE YEARS. HOWEVER, IN ITR 1 FORM WHERE WE REFLECT THAT AMOUNT. PSE CLARIFY.
     
  2. Neha Sharma

    Neha Sharma Active Member

    ITR 1 is a simple form in which only final figures are to be mentioned and not the details.

    So in ITR 1, under option Income from House Property - you would be disclosing the Interest Income

    Income from House Property = Rent (-) 30% Std Deduction (-) Interest

    In case there is no Rental Income, mention it as zero, and then after subtracting Interest, a negative figure would come which would be required to be mentioned in ITR 1
     
  3. Neha Sharma

    Neha Sharma Active Member

    This Screenshot may help regarding where to disclose this in the ITR 1 - Excel Utility released by Govt

    Untitled.png
     
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