Ankur Aggarwal
21 July 2024 at 12:20

Rent of Let Out Property

Confusion while filling ITR2
- I have a joint commercial property in my and my mother's name say owner A and owner B with equal share.
- It has 2 floors given to tenants, say tenant A and tenant B.
- Ground Floor - Tenant A - Annual Rent - Rs. 5,00,000
- First Floor - Tenant B - Annual Rent - Rs. 4,50,000
- Annual Property Tax Paid - Rs. 50,000
- The tenants distribute the rent between Owner A and B and transfer to respective Accounts.

1. While filling in ITR2, I have to fill 2 House Property as Ground and First Floor?
2. Expense of Property Tax should be divided in 4 Parts ? - Owner - Tenant - 12,500
3. The ITR 2 individually be like:

House Property 1 - Let Out - Owner A - Tenant A
Annual Rent - 2,50,000
Property Tax - 12,500
NAV - 2,37,500

House Property 2 - Let Out - Owner A - Tenant B
Annual Rent - 2,25,000
Property Tax - 12,500
NAV - 2,12,500

House Property 1 - Let Out - Owner B - Tenant A
Annual Rent - 2,50,000
Property Tax - 12,500
NAV - 2,37,500

House Property 2 - Let Out - Owner B - Tenant B
Annual Rent - 2,25,000
Property Tax - 12,500
NAV - 2,12,500

Please advice.






Ramkumar
21 July 2024 at 10:31

Tax regime in revised return

I am a salaried employe with STCG and LTCG. I have filed ITR 2 for AY 24-25 as per the old regime and want to file a revised return after observing few mistakes. At the same time, i found that new regime will be more benificial for me. Is it possible opt new regime in the revised return ?.. Pls provide the link of actual rule in IT act


Ankur Aggarwal

For Schedule AL, the limit is Total Income of 50 Lakhs

1. Total Income = Gross Income - Set off Losses of Last Year - Deductions Available - Agriculture Income
2. Total Income = Gross Income + Agriculture Income - Deductions Available
3. Total Income = Gross Income + Agriculture Income - Set off Losses of Last Year
4. Total Income = Gross Income + Agriculture Income - Set off Losses of Last Year - Deductions Available - Agriculture Income

Please advice.


Gaurav Gupta
21 July 2024 at 00:21

FIRA ADVICE ISSUED BY PAYPAL

Is FIRA advice issued by paypal for exports admissible as proof for GST refund purposes?


praveen Nautiyal
06 August 2024 at 12:25

TDs on rent (Virtual Plot)

Sir,
Our company offering a plan of Virtual plot, our customer will purchase Virtual plot and We will give them to monthly Rent of 21000 per month, (Rent will pay, condition will mention on each Invoice) Now my question is tds deduct on 194I (Rent) or 194A (Interest).


Rajesh Jha
20 July 2024 at 21:15

LTCG bond u/s 54ec

Error :Deduction u/s. 54EC claimed here (Table D) should match with total of deduction(s) claimed in respective asset.

Please advise


Surajit Bhattacharya

Suppose, in an FY, a senior citizen cancer patient makes expenditure of Rs. 4.5 lakh for his medical treatment out of which, Rs. 4 lakh is reimbursed from insurance company. Can he claim the rest amount i.e. Rs. 50k (i.e. 4.5 lakh - 4 lakh) for deduction u/s 80DDB of Income Tax? Or he can't do so since reimbursed amount (i.e. Rs. 4 lakh) is more than max. deduction limit (i.e. Rs. 1 lakh) under the said section?


bhavani P
20 July 2024 at 19:41

About shares in ITR

Dear sir/mam...Total amount of active and inactive shares should be taken in ITR-2 or only active shares amount should be taken???
Please anyone answer me


raghavendra b
20 July 2024 at 18:36

ARREARS INTEREST RECEIVED FROM 2011

DEAR SIR,

ONE OF MY CLIENT SOLD AGRICULTURAL LAND IN THE YEAR OF 2011 AND THE COMPENSATION PAYMENT RECEIVED IN THE YEAR OF 2021 RS 882000/- AND INTEREST ARREAS RECEIVED IN THE YEAR OF 2023 RS 1566601/-.

THE INTEREST FROM 2011 TO 2023 IS ARREARS TAXABLE OR NOT TAXABLE
TDS NOT DEDUCTED IN THE YEAR OF 2011 AND ALSO 2023

PLEAS CLARIFY ME IF TAXABLE INTEREST OR NOT

REGARDS


MAKARAND DAMLE
20 July 2024 at 18:20

Foreign Asset

Assessee has purchased flat in Dubai
He has not made full payment towards the cost of the flat but has possession of the same
he can go and stay in the flat

My question is whether to show details of this flat under Foreign Assets in income tax return ?






CCI Pro

Follow us
add to google news


Answer Query

Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details