I am living in my own flat. My brother has purchased a flat and also added my name in the registry, even though I have not contributed anything(I'm not the owner). Which return should I file? ITR1 or ITR2?
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I don't know which itr to file? itr1 or itr2? please reply
Replies (6)
Selection of ITR depends upon nature of Income earned............
If you do not have any capital gains during the year, and say, only income from salary & bank interest like................ File ITR 1
[Addition of name in flat will not change ITR catagoy.]
Thanks a lot for your time!
My pleasure...
Also, will she be treated as the owner of one flat only or will she also be the owner of the new flat in the said question.
Old flat...... as earlier, if she was owner....... she remains......... no change.
New flat.......... she has not contributed any single rupee (so that gets reflected in accounts and also in Balance Sheet, where accounts are maintained).......... and if the same is clarified in the agreement (new flat purchase agreement).......... then legally she is not joint-owner......
Twist: If nothing is clarified in the agreement about ownership ratio........... Assessing authority may assess it as 50:50 (deemed) joint ownership (assuming: two names as purchaser), in cases wherever there be more revenue to department !!!
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