ITR Return for AY 2020-21

Save Share

This query is : Resolved

Kalyan Ghosh (Querist)

11 January 2020 Sir
So long I was filing in ITR1, as I have no Shares, Mutual Funds, etc. Income only from Pension and Bank Interests But being 72 years in age I have also included my wife as a joint owner of my flat, although she does not earn anything. In the Deed of the flat and Municipality Tax Bill my wife's name is there as the second owner
1)But as per CBDT circular January 3 Notification, an individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint-owner in house. Such taxpayers are to use different forms, which would be notified in due course.
As such from AY 2020-21 I cannot file in ITR1(Joint Owner) and as confirmed by newspapers
also
2)But the thing is as per media reports my wife has also to file IT Return irrespective of the amount
earned, although my wife's Gross Income from namesake bank accounts out of petty household savings is
not worth considering. A report has appeared in Times of India Bengali Version Kolkata
Edition dated 06/01/2020 corroborating point no(2). The article has also referred the name of 1)Taxman DGM ,Mr Nabin Wadhwa and of ASC Global in this regard
Please opine on Point(2) With thanks
:

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

15 January 2020 https://www.financialexpress.com/money/income-tax/income-tax-return-sahaj-sugam-forms-taxpayers-joint-house-ownership-i-t-return/1818381/
Please click on above link to read the good news.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now