Sold house at a loss? You still have to report it in ITR

 









While filing a return of income one must disclose income from all sources, irrespective of the amount, else at the time of processing of return, the tax department could raise a question or make adjustment on account of mismatch. You may declare your income from pension and capital gains in ITR 2, which is a simple form. You shall be required to disclose the sale consideration, cost of acquisition and the resultant capital gains on account of sale of property.

As per Section 80E, any individual who takes a loan from any financial institution or approved charitable institution for pursuing higher education, whether in India or abroad, can claim deduction on the amount of interest paid for a consecutive period of eight years, beginning from the assessment year in which he has started paying the interest on loan or until the assessment year in which the interest is paid in full, whichever is earlier. Education loan can be taken for self, spouse, children or student for whom you are the legal guardian.

As per the income tax provisions, the least of the following is allowed as exemption in respect of HRA (i) an amount equal to 40% of salary (50%, if house is situated at Bombay, Kolkata, Delhi or Chennai) (ii) HRA received by the employee in respect of the period during which rental accommodation is occupied by the employee during the previous year (iii) the excess of rent paid over 10% of salary. You must calculate the amount of exempt HRA based on actual rent for the period during which the allowance is received.

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