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Which itr should use itr1 or itr2

Ankur Jain (Student Others) (132 Points)

20 December 2014

Hi All,

I am salaried person .In Aug-14 i and my brother ( jointly ) have bought a flat. For Financial Year 2014-15 which itr i should file. Whether it is ITR 1 or ITR 2.I have only this property and have received the possession also.

If it is ITR1 then where i can claimed the Home Loan Innterest exemption in ITR 1. Total interest for me is 93000 around.

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4 Replies

CA Ragini (CA) (405 Points)
Replied 20 December 2014

You should file ITR 2, and you will be able to show income from house propertyi.e., Interest on borrowed capital as 50% of interest paid becoz of joint ownership. Also you will be able to claim deduction of principal repayment Under 80c

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NAVEESH DHAR (ADVOCATE- TAXATION ADVISOR) (427 Points)
Replied 21 December 2014

ITR is yet to be notified for the fy 2014-15. But if the same itr notified by deptt .I.e. as per 2013-14 you may filed the return in itr 1 with showing the intt on housing loan under income from house property

1 Like

Ankur Jain (Student Others) (132 Points)
Replied 21 December 2014

Originally posted by : Ragini
	You should file ITR 2, and you will be able to show income from house propertyi.e., Interest on borrowed capital as 50% of interest paid becoz of joint ownership. Also you will be able to claim deduction of principal repayment Under 80c

thanks ragni but most of information which i collected so far they suggest me to do file ITR 1 as i have only 1 house and recently naveer dhar also posted the same ,,, could you please again recheck it annd connfirm mme back.

Ankur Jain (Student Others) (132 Points)
Replied 21 December 2014

Originally posted by : NAVEESH DHAR
	ITR is yet to be notified for the fy 2014-15. But if the same itr notified by deptt .I.e. as per 2013-14 you may filed the return in itr 1 with showing the intt on housing loan under income from house property

Naveen thanks but raginni has suggested me to file itr 2 .Confused by two different openions. Suppose if i file itr 1 then can i calim HRA dedxtion as well as i amm not residing in my house. my parter had living there in that case we can not say its rented out. may be we can say self occuiped or deemed self occupied. kindly suggest