Which itr form to use

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This discussion helps a salaried employee determine the correct Income Tax Return (ITR) form. Despite owning a share in a second residential property, if it's fully funded by her husband and he claims all tax benefits, she may not need to declare income from it. The query also touches upon declaring interest income from infrastructure bonds under 'Income from other sources'.

Gurumoorthy

Gurumoorthy (Querist)

12 November 2020 I'm a salaried employees with with 2 residential property but no earning from that. My first property is self occupied. I'm the first named joint owner of second property, jointly with my husband. The second property was fully funded by my husband thru bank loan and all IT benefit was claimed by him. Also in his itr he shows his share as 100%.
Should I use itr 1 or 2?
As there's no income or benefit from 2 property, can I file itr1

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

12 November 2020 File ITR 1 as 100% of other house is shown in ITR of your husband.

Gurumoorthy

Gurumoorthy (Querist)

12 November 2020 Thanks for your advice and help. Also she has received an interest of rs. 1800/ being interest on infrastructure bond (which she had invested about 10 years ago). I believe the interest and dividends are taxable now. Can you kindly suggest under which head I shall book the earning. Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

12 November 2020 Income from other sources is the head of income.

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