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Income tax return

Others 292 views 2 replies

Hiten Gusani

Student CA IPC / IPCC

34 Points Posted on 30 August 2019

an individual purchase flate jointly named with his spouse by availing home loan on joint name.
he filed his return in ITR 3 showing 50% share of flate and 50 % loan liability.
can spouse file ITR 1 OR 2 without maintenance of books which results in not to disclose 50% value of asset as well as 50% loan liability in ITR..??

Replies (2)

Kapadia Pravin

17264 Points Posted on 30 August 2019

If there is no other oncome in your wife's name then no need to file return as her 50% in the flat will be SOP and hence no income and exempt.

Dimpi Sharma

Job

60 Points Posted on 30 August 2019

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