During assessment year 2020-2021, tax payer owns two residential flats, one in Bangalore and second in Hyderabad. He is staying in his Bangalore flat, and his Hyderabad flat is kept locked (neither self-occupied or rented out). Whether he has to add any lettable value for the unoccupied flat to his taxable income? And which ITR form should he file for AY 2020-2021?
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Income tax
Replies (9)
Yes.. though it's not let out, it should be considered deemed let out and offered to tax
Thanks Sir. Which ITR Form should be used to file return? And deemed rent means market rent or anything lesser, since no rent is earned on the locked/vacant flat?
Not required to add any let out value.
You can show both properties as Self occupied property
(with effect from F.Y 2019-20, two Self occupied property allowed)
You can show both properties as Self occupied property
(with effect from F.Y 2019-20, two Self occupied property allowed)
Many thanks for the clarification, Madam. In such case, which ITR form to be filed, either ITR1 or ITR2A?
You are salaried employee or having business ?
if No business incomes than ITR2,
otherwise ITR 3/4 a the case may be
if No business incomes than ITR2,
otherwise ITR 3/4 a the case may be
I am a retired person drawing pension. Other than pension, I earn interest on term deposits invested in banks. Other than that, I earn a small amount as dividend on Shares, which I am holding for several years. Both pension and interest are fully reflected in my Form 26-AS.
Don't worry nowadays your pension income is reflected in ITR along with other income if tds is deducted when you log into the site e-filingincometax
@ KV krishnaswamy
you can file your return in form ITR 2
you can file your return in form ITR 2
Many many thanks for the guidance.
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