Why a Late ITR Will KILL Your Home Loan Tax Deductions AY 2026-27 I ITR filing last date
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Video Summary
HOME, This video provides critical guidelines for taxpayers who want to claim tax deductions on home loan interest under the Old Tax Regime for Assessment Year (AY) 2026-27.
The main warning highlighted is that failing to file your Income Tax Return (ITR) on or before the statutory due dates will result in losing the ability to opt for the Old Tax Regime, effectively wiping out your home loan interest deductions.
Key Requirements & Disclosures Mentioned:
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To successfully claim the deduction, you must provide seven critical disclosures in your ITR:
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Lender Type (Bank or Individual)
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Name of the Lender
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Loan Account Number
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Date of Loan Sanction
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Sanctioned Loan Amount
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Outstanding Loan Balance (as of March 31st)
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Total Interest Payable (as of March 31st)
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Strict Deadlines to Claim the Home Loan Benefit:
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ITR-1 & ITR-2 (Salaried individuals/Non-business): Up to July 31st to choose the Old Regime and claim home loan deductions.
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ITR-3 & ITR-4 (Non-Audit Business/Professional): Up to August 31st.
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Audit Cases (Tax Audit required): Up to October 31st.
If you miss these respective deadlines, the option to opt for the Old Tax Regime lapses, meaning you will be forced into the New Tax Regime where home loan interest deductions are not available.
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