Hi,
I wanted information on which ITR to file if I am a salaried person, having 2 house properties wherein one is self occupied and claim interest on loan and loan principle. The other property is rented. So is it income from one house property? If so then it should be ITR-1, however if zero income or negative income is also treated as income then it may be treated as income from more than one house property and in which case should i file ITR-2?
THANKS
u cant file itr-1, it is income from 2 house property
Negative income is also an income......... File ITR 2
Sorry, i received two answers and both contradict each other. Can someone be more specific please.
hi,
thanks for your reply, I have income from only one house property which is rented. so why cant i file ITR-1. the other house property is self occupied and hence not generating any income. are you saying that since the second property is on loan and it is generating negative income since i am claiming loan interest. and therefore need to file ITR-2.
Please clarify.
Many thanks
You should file ITR-2. . In income from House property sheet fill two House property details.
Interest on borrowed capital needs to be taken for first house - self occupied.
second house - let out - rent income after taking into account Local municipa taxes..
You have to file ITR - 2 as you have income(including loss) from more than one house.
Instruction to file ITR - 2 is attached
Instruction to file ITR -1
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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