Itr filing for ay 17-18


Asst. Manager - Finance

Hi,

I wanted information on which ITR to file if I am a salaried person, having 2 house properties wherein one is self occupied and claim interest on loan and loan principle. The other property is rented. So is it income from one house property? If so then it should be ITR-1, however if zero income or negative income is also treated as income then it may be treated as income from more than one house property and in which case should i file ITR-2?

THANKS

 

 
Reply   
 
Team GST Experts

u cant file itr-1, it is  income from 2 house property


Total likes : 1 times

 
Reply   
 
KVO Merau Kutchh

Negative income is also an income......... File ITR 2

 
Reply   
 
Asst. Manager - Finance

Sorry, i received two answers and both contradict each other. Can someone be more specific please.

 
Reply   
 
Asst. Manager - Finance

hi,

thanks for your reply, I have income from only one house property which is rented. so why cant i file ITR-1. the other house property is self occupied and hence not generating any income. are you saying that since the second property is on loan and it is generating negative income since i am claiming loan interest. and therefore need to file ITR-2.

Please clarify.

Many thanks

 
Reply   
 

You should file ITR-2. .  In income from House property sheet fill two House property details.

 
Reply   
 

Interest on borrowed capital  needs to be taken for first house - self occupied.

second house - let out  - rent income after taking into account Local municipa taxes..

 
Reply   
 

You have to file ITR - 2 as you have income(including loss) from more than one house.

Instruction to file ITR - 2 is attached



Attached File : 691280 20170717175911 itr 2.pdf downloaded 9 times
 
Reply   
 

Instruction to file ITR -1



Attached File : 691280 20170717180056 itr1 sahaj.pdf downloaded 9 times
 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×