Income from house property in itr-1 (itr one)

Hi,

I am eligible to file using ITR-1 but I used both ITR-1 and ITR-2 and entered the same values and saw that with ITR-2, I am getting a higher refund than with ITR-1.

Looking deeper, found that in ITR-2 when I specify income from house property, I can also specify "Tax paid to local authorities" ..... 30% of that amount is automatically deducted from the Income-from-HP

and so I am getting a higher refund with ITR-2.

(Note, I did not fill any of the other schedules in ITR-2 such as BYFL, CG, etc.)

This portion ("Tax paid to local authorities") cannot be specified in ITR-1 and so it does not come in the calculation and so the refund amount is less.

Am I expected to do compute this 30% deduction and then enter that amount in ITR-1?

Could someone check and elaborate?

thanks

Jeevan

 

Replies (3)

PS: I am using the excel utilities provided on the income tax website

"Am I expected to do compute this 30% deduction and then enter that amount in ITR-1?"

Yes, that is it.

Provide Net figure which is 'taxable income from House property' in ITR1 (or ITR4).

if one house property income and salary , you hae to file itr-1, deduction option also available in itr-1.

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