Tax Filing- Home loan details in ITR2

[@bhattacharyarohan]

The only video where it is properly explained how the interest can be avoided from carrying over to next year! Thanks a lot!

[@jiffaa]

As said by everyone, this is the only video clarifies how to claim housing loan interest deduction in ITR-2. Well done. thanks

[@himalayan006]

commenting for a broader reach. Cleared the housing loan interest part.

[@ashishranjan9441]

Only video with actual info and proper guidance

[@ajaykalavakunta]

I was struggling from morning for this option, thanks a lot boss.

[@subhashraipur]

What I am searching ends here. Thank you boss

[@gowrishankarkn6499]

Thanks Cheta! Very informative. You are spot on.

[@srijankumarsamanta5579]

It was very helpful. Thanks for this video.

[@alku1abhi]

Great sir, very well explained🎉🎉

[@shrinidhig3672]

wow buddy.. this was really helpful.. thank u so much

[@ayushagarwal6176]

Hello sir, You just broke one of the negotiation point to tax filer. Thank you! Great compliment.

[@kundanpandey8272]

thanks man, was stuck here for itr 2

[@kishor4kumar]

Thank you sir, you explained perfectly

[@vinayasagarkb7523]

Great sir, I have been struggling since yesterday. I don't understand why it is not kept as default, to consider housing loan interest in current year loss.

[@SrujanaBandari]

Thank you 😊

[@prashanthmani-c4o]

Good info.

[@discovermohan]

Thank you

[@jagadeeshponnada2958]

Where can i enter home loan interest for an under construction property? I can't select as Self Occupied as it is still under construction.

[@FinPath360]

As per the Income Tax Act of 1961, Section 24B, the deduction is applicable only if the property is occupied. However, the individuals have the option to claim this pre-construction interest in five equal installments once the construction is completed/occupied.

[@indranildas6235]

Thanks :)

[@SonuSingh-gv8gu]

@layman can we file hra also when we are filing house loan interest

[@FinPath360]

Hi Sir, Theoretically, it is possible to claim HRA and home loan benefits together under certain conditions. 1. You are a salaried individual who receives HRA as part of your salary. 2. You are residing in the same city of work where you have rented house. 3.You have home loan in your name/jointly (this is obvious :)) There are no restrictions on HRA and home loan together even if both the houses are in the same city. However, there should be genuine reasons for you NOT to stay in the house where you are availing home loan benefits. These are kind of cases which are closely monitored

[@SonuSingh-gv8gu]

@@FinPath360 what if I am paying rent in other city say delhi. And staying in Bangalore's home for which I am paying a home loan.

[@FinPath360]

@@SonuSingh-gv8gu It is incorrect to claim HRA and Home loan benefit in this case, as per my knowledge. 1. If you are claiming home loan benefit for 'self-occupied' property, you should not claim HRA. 2. HRA, in essence is paid when you are staying in the city/place of your work. So, if you are staying in Bangalore and claiming HRA in Delhi, it is not correct and you should not be doing it.

[@SonuSingh-gv8gu]

@@FinPath360 but in Delhi house my parents are staying. And they are dependent on me. So I am paying rent for them.

[@alexchristopher2760]

Hi I am IT salaried.. I bought a house (4yr old) in current LAST F.Y.. I PAID 1.2 LAKH INTEREST AND PRINCIPAL 40K AND HAVE STAMP DUTY 2LAKHS.. HRA DEDUCTION NOT UPDATED IN TDS SINCE I CHOOSED NEW TAX REGIME.. ( HAVE RENT RECEIPT 99K ) CAN I FILE OLD REGIME..WHAT IS MAXIMUM DEDUCTION I CAN DO... WHICH FORM I HAVE TO CHOOSE ITR1 OR ITR 2. WHERE I HAVE TO ATTACH PROOFS

[@FinPath360]

Hi Sir, 1.You could choose ITR1 or ITR2 here. 2. For salaried individuals, the tax regime can be switched at the time of filing tax returns (please find the video kzbin.info/www/bejne/qauzmIGBh9ucrNU to know how to change the tax regime) 3. You do not need to attach the proof at the time of tax filing. However, if there is some discrepancy noted by Income Tax Dept, they will send you notice and then it would be required to produce the prrof. So keep the documents handy for some years. 4. Considering that you have stayed on rent for part of the last FY and rest of the period in self-occupied property you could claim HRA and home loan benefit. Interest amount up to Rs.2 lacs can be claimed under section 24 of IT act. 5. Registration and stamp duty paid for the property can be claimed under section 80c. The maximum limit under 80c is 1.5 lacs.

[@alexchristopher2760]

@@FinPath360 Thank You so much , Very Clear Explanation

[@neha_singh96]

What if when the interest is more than 2 lakh then how to show that

[@FinPath360]

Hi Sir, Under section 24 of IT Act the maximum interest which can be claimed is 2 lacs only. (Assumption is that this is your self occupied property)

[@AbcDef-yh6gz]

​@@FinPath360 for let out property? I am living on rent due to my Home is located in isolated place while my house in rented out and my intrest in more than 2 lakh