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  • How to File ITR-1 with House Property Loan?

    The first step to file your ITR-1 with a house property loan is to enter your personal information in the first tab called ‘Personal Info’. The details that must be entered in this section include your first name, middle name and last name, gender, address, date of birth, etc.

    Sources of Income:

    After entering your personal information, you will have to visit the second tab titled ‘Income Sources’. Under the main head, there are five other tabs such as Salary, Other Income, House Property, Capital Gain, and Business and Profession. First you must enter information related to your income from salaries either by uploading your Form 16 or manually inputting your taxable salary along with details of your employer.

    Locating Taxable Income:

    Next, you will have to locate your taxable income in Form 16 after which you will have to enter the Salary TDS amount along with the details of your employer. In case you have shifted hobs during the course of the year, the salary from both employers must be mentioned in the appropriate section.

    Income from Other Sources:

    Next, you will have to input information regarding your other incomes, such as gifts, fixed deposits, bank accounts, etc., following which your exempt incomes, if any, must also be mentioned, such as interest from PPF account, ULIPs, mutual funds, agricultural income, etc.

    Interest on Home Loan:

    In case you have availed a home loan on a property you have occupied yourself, the interest on the loan must be declared. The address of the property along with co-owners, if any, must also be mentioned.

    Overall Deductions:

    Next, you will have to input the overall deductions you are eligible for under Section 80C, like mutual funds, LIC, etc. All other deductions that are applicable must be declared in the ‘More Deductions’ tab. Make sure that you enter all deductions accurately as failure to do so can result in problems later on.

    ClearTax can import your TDS entries automatically from the Income Tax Department. In case you deposited tax through Challan 280 (self-assessment tax) yourself, details regarding the same must be added as well.

    Reviewing Returns:

    Once you have completed the aforementioned steps, you can review your return by simply downloading the ClearTax word-report or the ITR PDF. Your returns will be submitted to the Income Tax Department once you press the big green button.

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