How to show Home Loan in the Income Tax Return

Share
Share This Thread
  1. agyarapu srinivas

    agyarapu srinivas New Member

    Sir
    I am an employee of LIC OF INDIA
    gross salary per annum is 740000.
    In january 2015 I have taken 80% completed flat for rent purpose from LIC HFL loan at 10.1 % interest of rs.177000Emi -19594. Emi starts from february 2015.Again I want to construct a house for residence and applying loan from LICHFL loan of rs 1200000. Here for our employees lic of India is giving loan on concessional rate of interest of 5.5%
    . how to show two homelpans in itINCOME TAX returns
    PLEASE GUIDE ME CLEARLY
    THANKS&REGARDS
    SRINIVASSRINIVAS
     
  2. Neha Sharma

    Neha Sharma Active Member

    You would be required to segragate the Interest and Principal repaid every year on both the loans.

    The Interest portion would be allowed to be claimed under head "Income from House Property" and the Principal portion can be claimed as a deduction under Section 80C from the Total Income.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Query on Home loan Interest and Share to be shown (ITR2) Income Tax Jul 27, 2017
Query on Home loan Interest and Share to be shown (ITR2) Income Tax Jul 27, 2017
How to show homeloan investment during e-filing Income Tax Mar 3, 2015
SELECTION OF ITR AND HOW TO SHOW THE INCOME Income Tax Sep 26, 2017
Can we use section 44AD and show 8% even if profit is 20%? Income Tax Jul 12, 2017