Dear Sir,
I recently discovered that one of our clients possesses both a let-out property and a self-occupied residential property. The client is currently paying interest on the self-occupied property. Unfortunately, my staff overlooked this matter and incorrectly claimed the deduction under the let-out property in the tax filing. Upon closer examination, I realized that as per ITR-4 guidelines, only one house property detail is allowed.
Additionally, the client generates Business Income but does not maintain regular books of accounts. Furthermore, they also receive rental income from the let-out property. This situation raises concerns about how to accurately file the Income Tax Return (ITR).
I kindly seek your assistance in resolving this matter and determining the appropriate approach for filing the ITR.
CAclubindia
