Where to put home loan principal amount in ITR?

Let me tell you where to show home loan principal amount in ITR. In India, the principal repayment of a home loan can be claimed as a deduction under Section 80C of the Income Tax Act, 1961. Scroll down to get a detailed explanation of where and how to report this in your Income Tax Return (ITR).

Where to Fill Home Loan Principal in ITR?

The principal repayment of a home loan is eligible for deduction under Section 80C. The maximum limit for deduction under Section 80C is Rs 1.5 lakh per financial year. This limit includes other eligible investments and expenses such as Provident Fund, National Savings Certificate, life insurance premiums, etc.

Different ITR forms (e.g., ITR-1, ITR-2, ITR-3, etc.) are used based on the nature of your income. However, the process of claiming Section 80C deductions is similar across these forms.

• Locate the section where deductions under Chapter VI-A are reported. Under this section, find the row for “Section 80C”.

• Enter the total amount of eligible principal repayment under the Section 80C field. Ensure that the combined total of all your Section 80C deductions does not exceed ₹1.5 lakh.

• Maintain a copy of the home loan statement from your lender that specifies the principal and interest components of your repayments for the financial year.

• While filing online, you generally do not need to attach these documents, but you should retain them for verification purposes if the Income Tax Department requests them later.

Access the Income Tax e-Filing portal and log in to your account. Proceed to the section where deductions under Chapter VI-A are claimed. Locate the “80C” field.

Enter the amount of principal repayment. After filling out all the relevant details and ensuring accuracy, submit your ITR form. This is where to show home loan principal amount in ITR.

Read more

We all know that we are required to pay income tax to the state and central government. This tax acts as revenue. On the other hand, the government provides certain rebates for its citizens in taxes. If you want to know where to put home loan principal amount in ITR. Take a look below.

ITR is mandated by the Income Tax Department of India. Everyone is supposed to fill this form and hand in information about their Income Tax Return.

Read the ITR form slowly and carefully. There will be a specific

principal paid on housing loan exemption section in the form.

In the stipulated place, you are required to put home loan principal amount. The blanks will be mentioned in the form area for section 80EEA and 80C. Mention details including year of property purchase, total loan amount, tenure period etc.

Details about principal paid on housing loan exemption section have been mentioned in Section 80C of the Income Tax Act. An individual will get a tax deduction on the amount paid as repayment of the principal amount on home loan.  The maximum limit on the principal amount has been set at  Rs.1.5 lakh.

This is the end of my answer about where to put home loan principal amount in ITR.

Read more :