House Property Income Scedule.

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This discussion addresses queries regarding the 'Income from House Property' schedule in tax returns for NRIs who jointly own a vacant flat in India. It clarifies that if the property is self-occupied with no rental income and no loan interest, it's not mandatory to fill the schedule. If declared, however, both joint owners would need to show the property. Not filing the schedule for NIL income is unlikely to cause issues when the property is eventually sold.

rmalhotra

rmalhotra (Querist)
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25 June 2024 Sir
An individual & his spouse purchased a flat in joint names while they were employed and were resident in India. Thereafter they both went abroad and become subsequently NRIs. But flat in India is still lying closed and is not rented out and is in self possession only and they are not earning any rent etc as it is not let out . There is no loan and no interest liability . Hence following queries:-

1. Are they still required to fill schedule of " Income from House property " in their respective ITRs when income of house property is NIL. OR they are really not required to fill schedule at all , as there is only one property and is in self possession only. ?

2 Are both of them required to show same flat in their individual returns ( as there is only one flat ). as the flat is in their joint names as " co-owners " ,??

3. Is it compulsory to fill schedule of " Income of house property " even if there is one property and that too in self possession and with "NIL" income therefrom.???

4 Will there be any issue foreseen when they will sell this flat some time in future but are not filling schedule of " Income from House Property" of present years when they are still owners.????

Pls guide on above four points assuming that there is no loan interest to be paid .