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1)House property - owner occupied 2) income from self employment

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vsraj

administration

121 Points Posted on 25 June 2024

1) I am living in my 2BHK Flat. There is no rental income. In ITR Form 1 should I record my income as ZERO or record the probable renal income and property tax paid and show the final income as a negative figure.

2) I am not doing any PROFESSION OR BUSINESS. I have small income due to self employment - such as Tution to children and mini catering to individuals. Can I use Form 1 and Record this income under "Other Income" category.

vsrajaraja

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Quick Summary

This discussion clarifies how to correctly declare income on ITR Form 1 for individuals living in their own property and those with self-employment income. For an owner-occupied property with no rental income, it should be declared as 'Self Occupied' with zero income. For self-employment income from sources like tutoring or small catering services, it can be declared under the 'Other Income' category within Form 1.