When it comes to ITR filing for a home loan, you should always keep a few things in mind. You have to file the Form ITR-1 Sahaj which applies in case you are a salaried professional repaying a home loan for a self-occupied property. You should be aware of the home loan tax benefits as well. These include deductions up to Rs. 1,50,000 on principal repayment and also on stamp duty and registration charges. You can also get deductions up to Rs. 2,00,000 on interest repaid annually under Section 24. This is majorly influenced by the home loan interest rate that you get.
Now, with regard to filing income tax return for home loans, you have to follow these steps-
• 1. Fill in personal details such as your name, Aadhar number, and address.
• 2. Enter your income chargeable under the head Salaries and enter this figure after checking Form 16. Tick the box for self-occupied property. Enter the interest payable on borrowed capital in the box. The annual value of self-occupied homes is nil. Key in income from other sources including interest from investments like fixed deposits. Then compute the Gross Total Income which is B1+B2+B3 = B4.
• 3. Enter deductions applicable under Sections 80C, 80D and others (C1) and add them up. Get the GTI/B4 – C1 calculation done to arrive at C2 or total income.
• 4. Based on this amount, i.e. C2, taxes will be worked out accordingly.
• 5. You will have to furnish your bank account details.
Also Know: How much ITR Required for Home Loan?