<\/span><\/h2>\nTo declare your housing loan in income tax, follow these steps:<\/strong><\/p>\n1. Collect Relevant Documents:<\/strong> Gather all the necessary documents related to your housing loan, such as loan agreement, interest certificate, and payment schedule.<\/p>\n2. Calculate Principal and Interest Components:<\/strong> Determine the principal and interest amount for the financial year. The principal component is not eligible for tax benefits, while the interest component qualifies for deductions under certain sections of the Income Tax Act.<\/p>\n3. Claim Interest Deduction:<\/strong> Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to Rs. 2 lakh on the interest paid on your housing loan for a self-occupied property. Ensure you have the interest certificate from your lender to support your claim.<\/p>\n4. Declare Principal Repayment:<\/strong> Declare the principal repayment amount under Section 80C of the Income Tax Act. The maximum deduction allowed for principal repayment, along with other eligible investments, is Rs. 1.5 lakh.<\/p>\n5. Mention Loan Details:<\/strong> In the income tax return form, provide the details of your housing loan, such as the name of the lender, loan account number, and the amount borrowed.<\/p>\n6. File Your Income Tax Return:<\/strong> Once you have filled in all the necessary information, file your income tax return online or offline, depending on the preferred mode of submission.<\/p>\nBy following these steps, you can accurately declare your housing loan in your income tax return, ensuring compliance with tax regulations and availing eligible deductions.<\/p>\n