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Residential property to be included in itr4 or not

nagarajan (Accountant) (191 Points)

25 July 2012

dear friends

Is residential self occupied property to be included in ITR4? and under what head and also in which schedule?

thanks

Nagarajan

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7 Replies

Yajendra Adhikari (Chartered Accountant) (334 Points)
Replied 25 July 2012

You are a CA Final Student yaar. It is to be filled in ITR 2, under Income From House Property.

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nagarajan (Accountant) (191 Points)
Replied 25 July 2012

hello sir,

it was my mistake that not giving the full details.

the owner of the house is doing catering business. hence ITR 4 to be applied. hence i asked about ITR4.

thanks

Nagarajan

Puneet Mittal (Sr. Officer Accounts) (196 Points)
Replied 25 July 2012

Dear Nagarajan,

Assesee is not receiving any income from house property. But If assessee has taken loan for construction or repair on self occupied house property. Than he can show interest on loan as negative income from house property. This income will be shown in scheduleHP.

Regards

Puneet mittal

nagarajan (Accountant) (191 Points)
Replied 26 July 2012

dear Mr.Puneet

thanks for ur answer. But there was no loan and also ignore the corporation tax etc., Just i want to know whether the value of the self occupied property to be shown in ITR 4 or not? since i think there is no provision for showing non-depreciable fixed assets in ITR4.

thanks

Nagarajan