Itr form for two houses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2014 Hi all,

I am a central govt. employee and posses two houses.Currently, one is occupied by me and other one is vacant(with outstanding Loan on the vacant one ). Pls suggest

1. Which ITR Form to be used online

2. Rebates applicable with sections

Regards
Sunil

CA Madhvi

CA Madhvi (Expert)
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27 June 2014 1. ITR-2 will be applicable in your case.
2. The first house would be shown as self occupied property with NIL value.The second house would be shown as deemed let out property.For second house .you have determined net annual value as follows:
Gross annual value(=fair value of rent in you area)
less:municipal taxes paid
net annual value
less:standard deduction of 30% u/s24(a)
int on loan u/s24(b)
You will get deduction u/s80c for principal amount of repayment of loan

Rupesh Jain

Rupesh Jain (Expert)
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27 June 2014 for you can fill ITR-2
one for seld occupied house then taxable value will nil

but for second house
you have to take the expected rental value and then claim intt pay on loan for that house.