Itr form for two houses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2014
Hi all,
I am a central govt. employee and posses two houses.Currently, one is occupied by me and other one is vacant(with outstanding Loan on the vacant one ). Pls suggest
1. Which ITR Form to be used online
2. Rebates applicable with sections
Regards
Sunil
I am a central govt. employee and posses two houses.Currently, one is occupied by me and other one is vacant(with outstanding Loan on the vacant one ). Pls suggest
1. Which ITR Form to be used online
2. Rebates applicable with sections
Regards
Sunil
27 June 2014
1. ITR-2 will be applicable in your case.
2. The first house would be shown as self occupied property with NIL value.The second house would be shown as deemed let out property.For second house .you have determined net annual value as follows:
Gross annual value(=fair value of rent in you area)
less:municipal taxes paid
net annual value
less:standard deduction of 30% u/s24(a)
int on loan u/s24(b)
You will get deduction u/s80c for principal amount of repayment of loan
2. The first house would be shown as self occupied property with NIL value.The second house would be shown as deemed let out property.For second house .you have determined net annual value as follows:
Gross annual value(=fair value of rent in you area)
less:municipal taxes paid
net annual value
less:standard deduction of 30% u/s24(a)
int on loan u/s24(b)
You will get deduction u/s80c for principal amount of repayment of loan
Rupesh Jain
(Expert)
27 June 2014
for you can fill ITR-2
one for seld occupied house then taxable value will nil
but for second house
you have to take the expected rental value and then claim intt pay on loan for that house.
one for seld occupied house then taxable value will nil
but for second house
you have to take the expected rental value and then claim intt pay on loan for that house.
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