Rent of Let Out Property
This query is : Resolved
21 July 2024
Confusion while filling ITR2
- I have a joint commercial property in my and my mother's name say owner A and owner B with equal share.
- It has 2 floors given to tenants, say tenant A and tenant B.
- Ground Floor - Tenant A - Annual Rent - Rs. 5,00,000
- First Floor - Tenant B - Annual Rent - Rs. 4,50,000
- Annual Property Tax Paid - Rs. 50,000
- The tenants distribute the rent between Owner A and B and transfer to respective Accounts.
1. While filling in ITR2, I have to fill 2 House Property as Ground and First Floor?
2. Expense of Property Tax should be divided in 4 Parts ? - Owner - Tenant - 12,500
3. The ITR 2 individually be like:
House Property 1 - Let Out - Owner A - Tenant A
Annual Rent - 2,50,000
Property Tax - 12,500
NAV - 2,37,500
House Property 2 - Let Out - Owner A - Tenant B
Annual Rent - 2,25,000
Property Tax - 12,500
NAV - 2,12,500
House Property 1 - Let Out - Owner B - Tenant A
Annual Rent - 2,50,000
Property Tax - 12,500
NAV - 2,37,500
House Property 2 - Let Out - Owner B - Tenant B
Annual Rent - 2,25,000
Property Tax - 12,500
NAV - 2,12,500
Please advice.
- I have a joint commercial property in my and my mother's name say owner A and owner B with equal share.
- It has 2 floors given to tenants, say tenant A and tenant B.
- Ground Floor - Tenant A - Annual Rent - Rs. 5,00,000
- First Floor - Tenant B - Annual Rent - Rs. 4,50,000
- Annual Property Tax Paid - Rs. 50,000
- The tenants distribute the rent between Owner A and B and transfer to respective Accounts.
1. While filling in ITR2, I have to fill 2 House Property as Ground and First Floor?
2. Expense of Property Tax should be divided in 4 Parts ? - Owner - Tenant - 12,500
3. The ITR 2 individually be like:
House Property 1 - Let Out - Owner A - Tenant A
Annual Rent - 2,50,000
Property Tax - 12,500
NAV - 2,37,500
House Property 2 - Let Out - Owner A - Tenant B
Annual Rent - 2,25,000
Property Tax - 12,500
NAV - 2,12,500
House Property 1 - Let Out - Owner B - Tenant A
Annual Rent - 2,50,000
Property Tax - 12,500
NAV - 2,37,500
House Property 2 - Let Out - Owner B - Tenant B
Annual Rent - 2,25,000
Property Tax - 12,500
NAV - 2,12,500
Please advice.
21 July 2024
Yes, it can be also reported as single HP, divided for each owner as 50:50.
21 July 2024
Sir,
Then how to mention tenant name and pan as there are 2 tenants, in case of reporting as single house property.
Then how to mention tenant name and pan as there are 2 tenants, in case of reporting as single house property.
21 July 2024
Both tenants combined with two PANS as tenants.
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