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Residential property in itr

ITR Filing 647 views 5 replies

Anil Kumar

Proprietor

107 Points Posted on 27 May 2014

Dear Experts

I have purchased a government residential flat in FY13-14, Please advise me where i have to show in ITR4.

Regards.... Anil Kumar

Replies (5)

Santanu Agrawal

Article

79 Points Posted on 27 May 2014

If you are a "No Account Case" i.e. covered u/s 44AD no need to show, else under Fixed Assets in Balance Sheet

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 27 May 2014

if you are maintaining books of accounts then add it to your block of fixed assets otherwise you dont need to show it anywhere in itr.

Sahil Bhatia

Practicing Chartered Accountant

290 Points Posted on 27 May 2014

If you are not using it for business then no need to show If its used for business then add to the block of fixed assets

Mitul

Deputy Mgr.Accounts

23 Points Posted on 28 May 2014

If your filing return under presumptive taxation u/s 44AD then no need to enter in return. just show in balancsheet made seperatly for record purpose..but if you are filing itr-4 then show the same in block of assets if used for business purpose.

Nikhil Kaushik

Fellow CA

86881 Points Posted on 28 May 2014

assuming this house is not being used for business, any income or loss arising out of this house property should be reflected in "income from house property"