Tax benefit on Housing Loan under Section 24

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  1. Milind Mainkar

    Milind Mainkar New Member

    Dear Authority:

    I had purchased a home in Mumbai in 2013 for which I had taken a housing loan. This home is self-occupied. I have repaid the load in 2015 and total interest paid throughout the loan term is approximately 35 Lakhs. I have never claimed the deduction under Section 24 in my past years tax filings. Do I have any opportunity to claim the deduction for this home loan while I file my return for AY 16-17? Please advise. Thanks.

    Sincerely,
    Milind Mainkar
     
  2. SUNNY NARANG

    SUNNY NARANG Member

    You can claim in Ay 16-17 whatever is related with that period. you cant claim in this year related with previous period. for claiming interest related with previous period you need to revise the returns .

    As per section 139(5) of the Income-tax Act, 1961, the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment by theincome tax department, whichever is earlier
     
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