Which ITR Form for 2 House Property

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Quick Summary

If you're planning to rent out two properties, you'll need to know the correct Income Tax Return (ITR) form to use. This discussion aims to clarify which ITR form is appropriate for the financial year 23-24, especially when your rental income falls below a certain threshold. It's essential to file the right form to ensure compliance with tax regulations.

D M

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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