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Shall I disclose the HP away from my work place in IT return

This query is : Resolved 
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(Querist)
29 December 2008 Hi all,

I am working in Hyderabad. I got a house from my parents as gift. I dont have any rental income from it or any other house. As the Annual Value of this house is nil, should I disclose it in IT return?
Can I use ITR1?

Please reply soon.

Thanks,
Venkateswar.
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
29 December 2008 Yes, you should disclose it in your IT return.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
29 December 2008 Yes, you can disclose this. You have to use ITR2
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Jairam

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Jairam (Expert)
29 December 2008 Yes. U can disclose in ur return.U have to use either ITR 2 OR 4
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Venkateswara rao attili

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Venkateswara rao attili (Querist)
29 December 2008 Thank you Tilak,

Can I claim any deductions from this house property? Shall I pay any other taxes like Gift Tax?
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
30 December 2008 You can claim only interest paid on housing loan. Gift tax is not applicable.
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