Income from property

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Vinod (Querist)

17 December 2016 Dear sir, we had one agreeculture land area approx 6 acre of my grandfather name. They have four sons including my father. now my uncle and grandfather was death. land paper 7/12 in the name of my grandfather. above land taken by 1st uncle. and he gave 20 lakhs to three brother including my aunt. My aunt is housewife. she purchased resale flat rs 32 lakhs with above payment in 2012 and balance gold sold, loan from local friend etc. But now she getting rent from the same but never itr with other source income and property showed. How to ITR return the same.

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)

17 December 2016 i think your Qs in only for income from house property i.e. rent. Now for F.Y. 2013-14 and earlier year you cannot file your ITR as time limit has lapsed. But for F.Y. 2014-15 on wards you should file ITR 2A which consist rent income and other source income say interest from saving bank, int from FDs etc. You can claim Municipal taxes paid, standard deduction of 30% of net rent after deducting municipal taxes, and interest of Loan taken from Bank for purchasing property upto Rs. 150000.

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