ITR for AY 2018-19, Issue of Deduction under section 24(b) for house property and issue of Dividend

Hi,

Hope you are doing well !

Can you please repost the question because years and amount of interest both are not showing.

However, The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (Interest).

Maximum You can claim interest of Rs. 2 lakh including current year interest as well as previous years interest.

2. No tax liability on PPF amount. You will have to show it in exempt income head.

3.It is an exempt income. No tax liability on dividend.You will have to show it in exempt income head.

Thanks & Regards,

Payal Chhajed

Dear Sir,

1) Overall interest of RS.2 lacs can be claimed. Interest will include current year interest and pre-acquistion interest i.e. from the period Nov.2012 to 31.03.2018.

2) PPF amount is exempt from tax. You can show it under exempt income.

3) Dividend can also be shown under exempt income.

I may help you in return filing. You can drop your contact at .

Thanks

Hi,

1. I am unable to exactly answer your first question because figures got deleted due to technical issue on the website.

However, you will be able to get the deduction of 20% of total interest paid by you till 31 March 2017 and 100% of the interest​ paid by you in FY 2017-18 subject to limit of 2 lacs if the property is self occupied.

2. You will have to report ppf under exempt income. It's tax free.

3. Again, you will have to reprot dividend under exempt income. It's tax free .

Hi,

1. The total interest that you can claim in a year u/s 24 is 2 lakh. This may include 100% of the intetest paid in the FY 2017-18 and 20% of the interest paid in prior years.

2. PPF can be shown under exempt income.

3. Dividend from MF's is exempt from tax and can also be shown under exempt income.

Hope that clarifies.

Regards,

Nikhil.

Hi

1. Your amounts are deleted.

For whole of the pre interest ie. Interest before registration, deduction shall be available in 5 equal installments over a period of 5 years starting from the year when registration is done. So for this year, deduction shall be 20% of pre interest plus interest for the year 17-18 ( Feb n March). If the property is SOP, the deduction shall be limited to 2 lacs.

2. Yes, under exempt income.

3. This is also an exempt income and needs to be reported in ITR as exempt income.