Which ITR Form for 2 House Property

This query is : Resolved

D M (Querist)
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26 July 2023 HI Experts,
I am planning to put my two flats on rent and would like to know
1. Which ITR form will need to be filled for Next Year FY 23-24 .Income is below <50 lakhs & other income sources are Fixed Deposit/Savings Interest & Dividends
2.Is it beneficial if the rental income is received in separate bank accounts ?
3. Are there different tax slabs or income treated differently if not using ITR1 form ?

Thanks,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 1. ITR 2.
2. No.
3. ITR 1 not eligible when there are two HP.

D M

D M (Querist)
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26 July 2023 Hi Dhirajlal Sir,
Thanks for quick response.

Would the ITR 2 have different tax treatment /tax slabs or it all depends on total income for an individual rather than what is the source?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 After standard deduction of 30% from rental income, the remaining aggregate income is assessed as per slab rate.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 September 2024 Good luck.

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