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Query related to section AL for ITR2 filing

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Ramesh

35 Points Posted on 22 July 2024

This is the 1st time I need to consider Schdule AL as part of ITR2 filing and would appreciate inputs on below queries :

1) I have always included my spouse (homemaker) income from saving/FD/PPF interest as part of schedule SPI while filing my ITR2. So should I also consider her savings/FD/PPF while filling Schedule AL or should it be only for me.

2) Should I also declare my EPF value (both employee & employer considered). If yes, where should I declare (in Shares / securities?)

3) Had a car bought for my spouse (in her name).. but the loan is taken with me as guarantor and the EMI is going from our joint account (source of income is me..). Should I declare this as vehicle movable asset and with loan as my liability?

4) Had taken an education loan for my daughter's higher studies (I am the co-applicant) for which I am paying the EMI. How to account this under asset/liability sections?

Thanks for your inputs.

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Quick Summary

This discussion seeks clarification on filing Schedule AL for ITR2, particularly for first-time filers. Key questions include whether to include a homemaker spouse's savings and investments, how to declare EPF balances, and how to account for assets like a car purchased for a spouse with a joint loan. It also addresses the declaration of education loans taken for a daughter where the user is a co-applicant and pays EMIs.