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ITR Filing for Home Loan_WC

When it comes to filing the Income Tax Return (ITR) for Home Loan tax exemptions, understanding the different deductions applicable to you as a borrower is important. The most important deductions for Home Loans are under Section 24(B) and 80(C) for interest payments and principal repayment, respectively. There are other exemptions too that fall under Section 80EE.

The process of filing your ITR for deductions on your Housing Loan is simple. Keep the necessary documents handy to complete the process for ITR filing. Once you are prepared, here are the steps to follow.

1: Documents Required for ITR Filing

These include:

  • Property ownership documents
  • Certificate of purchase or construction 
  • Home Loan certificate with interest and principal details 
  • Municipal taxes receipt 
  • Financial and personal documents of the taxpayer 

2:  Submit the documents to your employer

  • Inform the employer to make TDS adjustments
  • This compliance is not mandatory for freelancers or self-employed Home Loan borrowers

3:  Calculate your Home Loan deductions

  • Separate deductions are allowed on self-occupied and let-out properties 
  • Consult with a CA or your financial advisor before making your maximum deduction claim 

4:  Claim the actual deductions

  • Once you have completed all the necessary steps, visit the official Income Tax website to follow their instructions and complete your Home Loan tax submission
  • Download your tax statement for verification 

An important reason to file tax returns on time is that it is a key requirement for credit facilities such as a Home Loan. In fact, you can easily avail of a  Bajaj Housing Finance Home Loan  if you have all the required documentation available. The loan has many features like basic eligibility terms, quick processing and more, allowing you to borrow based on your need and comfort.

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Frequently Ask Questions_ITR_WC

Frequently Ask Questions

ITR-1 form, also known as ITR-1 Sahaj form, is an income tax return filing form to file the income tax. ITR-1 form is for individuals with total income not exceeding Rs. 50 lakhs. It most commonly used by salaried individuals. Ineligible applicants for ITR form are: Resident Not Ordinarily Resident (RNOR) and Non-Resident Indians (NRI). Individuals having agricultural income greater than Rs. 5,000 are also ineligible. Individuals with more than Rs. 50 lakhs of income are also not eligible. Income derived from lottery, legal gambling, etc. doesn’t qualify for ITR-1 form. Income from business also not eligible for ITR-1 form.

There are a number of reasons why lenders ask for ITR. ITR help lenders to understand your cash flow and income. It determines your financial stability. Lenders typically ask last 3 years of ITR returns. It gives them a brief overview of your income and credit behavior. If you have defaulted on any payments it might indicate that you will most likely miss on EMIs too. Hence, filing an ITR on time pose you as a reliable borrower. Benefits of Filing ITR for Home Loan on time are easy loan approval, tax benefits, and many more.

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