In ITR‑2, home loan interest must be declared in Schedule HP (House Property) under the section titled “Interest payable on borrowed capital.” Many taxpayers often ask where to fill home loan interest in ITR 2, and the answer lies in this very schedule. This schedule captures income from multiple house properties self‑occupied, let‑out, or deemed‑to‑be‑let‑out. In the case of a self‑occupied property, taxpayers can claim up to Rs. 2 lakh under Section 24(b) for interest paid on housing loans, provided they opt for the old tax regime.
Where can I Fill Home Loan Interest in ITR 2?
It can be filled in the Schedule HPF. For let‑out or deemed‑to‑be‑let‑out properties, you can claim actual interest paid with no upper limit.
To file correctly, log on to the Income Tax e‑filing portal, choose ITR‑2, and in Part A General, ensure you’ve opted out of the new tax regime if claiming deductions.
Navigate to Schedule HP, enter property details (address, status, co‑owners if any), then under “Interest payable on borrowed capital (1h)”, input the total interest amount. The form will compute the net income from house property after allowing a 30% standard deduction and the interest deduction.
If you are a first‑time homebuyer, surplus deductions under Section 80EEA may apply though the interest must still be entered in Schedule HP. Principal repayment isn’t declared here; it falls under Schedule VI‑A, Section 80C. Also, if your loan includes pre‑construction interest, you can claim it in five equal annual installments, starting the year construction completes.
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Where to Fill Home Loan Interest in ITR 2?
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2025-07-18T09:51:12+00:00 2025-07-31T15:06:57+00:00Comment
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