banner_ad

Residential Property ITR Query

ITR Filing 654 views 7 replies

Hi, 

The house building has 4 floors. 1 floor is sold out and the remaining floor is with single owner which is basically 3 builder floor in one house only and 2 floor are let out for rent and on the remaining one the owner is residing. 

So for income tax purpose will that person be required to fill out ITR 1 or ITR 2 ?

Regards.

Replies (7)

He is required to fill out ITR-2 since he is owning more than one house property. 

Thanks for the reply.

If the house is on single plot but 3 different floors are considered different property ? Its a case in which builder takes 1 floor and the remaining three are with the owner.  

@ kunnal - a lot of people treat three floors as one house only. But account for the following possibilities before taking a tax position. 

- does the sale deed accounts for each floor as independent houses or one house

- when you are renting out, is the floor rented out is considered an independent house or only part of the house being sold.

 

Ok Thanks for your reply.

Query to my existing one if it considered as a single house but separate rent is coming for 2 floors as agreement mentioning the floor which is rented out. which ITR to be used ITR 1 or ITR 2 for reporting ?

ideally you should file in ITR-2.

Ok Thanks Nikhil 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details