Can I declare pre-closed home loan details in tax filing?

I applied for a home loan in feb-2012 and I paid pre-emi for 4 months [till may-2012] and I paid full EMI till dec-2012 after which I pre-closed the home loan account [by actually selling the property]. Can I mention the principal repaid / interest paid on home loan / income/loss from house property, when I submit my tax proofs for this financial year?

One Reply to “Can I declare pre-closed home loan details in tax filing?”

  1. yes u need to declare the loan amount and EMI. As u r getting the tax benefits from the loan e.g. Taxable Income: Rs 5,50,000

    Principal repayment for the same year: Rs 1,10,000 and Interest payable for the year: Rs 1,60,000

    Total Deductions allowed: Rs 2,50,000 (Rs 1,50,000 towards interest payable & Rs 1,00,000 for principal repayment of the loan)

    Thus, your taxable income will reduce to Rs 3,00,000 (Rs 5,50,000 – Rs 2,50,000)

    next, you are getting the short term capital gain after selling the house which is taxable. So u need to declare all the amounts in Tax filling documents.

    Karan singh

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