where to enter interest payble on housing loan to carry forward the loss

g1_patil 1
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Dear sir,

I am facing the following problem while filling the ITR2.

I have book the flat in 2009, and paid interest 136910 in the 2010-11. I got the possession in May 2011. I need to carry forward this losses. Please guide me where to fill these details so that i can see carry forward losses details on CFL sheet.

I am doing following procedure but some thing is going wrong.

1) I am entering the 136910 in HOUSE_PROPERTY section in cell H12 (in front of interest payable on borrowed capital. 2) I am entering 0 in cell E6 (On sheet CYLA_BFLA in CYLA table infront of salaries and in yellow colored cell under coloum house property loss of current year set off). But whenever i am clicking on button compute set off this 0 is automatically replaced by 136910. and because of this on CFL sheet total losses to be carried forward is remaining equal to 0.

i am attaching excel sheet filled by me for your reference.

I have another doubt. I got profit of Rs 24000 in the share market in the current financial year. I know that i have to give short term capital gain which is 10% as per rule. But Excel software is considering 15% tax rate on short term capital gain. Can you please guide me is it correct or am i doing something wrong while filling the Excel sheet.

-- Thanks and Regards Jeevan N Patil +919028088844

carry-forward return-filing interest home-loan income-tax
1 Answers

Interest for pre-possession years should not be shown as loss from house property section.

As you got possession in 2011-12, benefit of home loan cannot be availed in 2010-11 (136910). It cannot come under H12 cell in HOUSE PROPERTY sheet.

There is no provision to show home interest before possession. Once you get the possession, add 1/5 of all previous years interest into that particular interest and claim same.

Income tax on short term capital gains was increased to 15% from FY 2008-09.

Pankaj Batra5212
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