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

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

 

 

Replies (2)
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.

Do not file returns

As you have occupied the flat, there cannot be deemed income or negative income. Just select 'Self Occupied'.

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