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Residential property in itr

Anil Kumar (Proprietor) (107 Points)

27 May 2014

Dear Experts

I have purchased a government residential flat in FY13-14, Please advise me where i have to show in ITR4.

Regards.... Anil Kumar

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5 Replies

Santanu Agrawal (Article) (79 Points)
Replied 27 May 2014

If you are a "No Account Case" i.e. covered u/s 44AD no need to show, else under Fixed Assets in Balance Sheet

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 27 May 2014

if you are maintaining books of accounts then add it to your block of fixed assets otherwise you dont need to show it anywhere in itr.

Sahil Bhatia (Practicing Chartered Accountant) (290 Points)
Replied 27 May 2014

If you are not using it for business then no need to show If its used for business then add to the block of fixed assets

Mitul (Deputy Mgr.Accounts) (23 Points)
Replied 28 May 2014

If your filing return under presumptive taxation u/s 44AD then no need to enter in return. just show in balancsheet made seperatly for record purpose..but if you are filing itr-4 then show the same in block of assets if used for business purpose.

Nikhil Kaushik (Fellow CA) (85393 Points)
Replied 28 May 2014

assuming this house is not being used for business, any income or loss arising out of this house property should be reflected in "income from house property"

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