Including rental income in itr missed out in form 16

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This query is : Resolved

L Srinivas (Querist)

29 July 2015 Dear Member,

I have two houses owned during previous year in the same city but is missed out in my Form 16. however both are rented out & self live in rented house due to various financial reasons. The rent accumulation is from second half of the year. Now How can I declare in my IT declaration. as of now I was claiming HRA & no rental income. But this year 2015-16 it seems we have to declare ITR2 & show the income from rent. So;
1. Do I show both Rental income & claim HRA?
2. Can I show both rental & also claim my Loan interest exemption?
3. How can I declare as it is not included in the Form 16 from employer?
4. Do I need to provide any documentation?

Regards,
Srinikam

CA D.C. Bansal

CA D.C. Bansal (Expert)

29 July 2015 You are entitled to claim HRA Exemption. You will have to disclose your rental income in the ITR and deposit the tax accordingly even it has not been considered in form 16. You may also claim your interest exemption without any ceiling.

L Srinivas

L Srinivas (Querist)

30 July 2015 Thanks for Guideline. some query:
As I am having properties in different location of Bangalore & staying on rent in the same city? DO I allowed to claim HRA? (My understanding was that we cannot claim HRA with multiple property in the same city, Correct me if I am wrong)

CA D.C. Bansal

CA D.C. Bansal (Expert)

30 July 2015 You may claim exemption for HRA for any property if you are using the property for your residential purposes even if you have other properties which you do not use for your residential purposes.

L Srinivas

L Srinivas (Querist)

30 July 2015 Thanks for your guidance.

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