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self occupied house property
Head House property is for disclosing rental income so my question is whether self occupied house property needs disclosure in the income tax return and is there any consequences if we are not disclosing it?
Replies (10)
no such problem ..........
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Thank you sir for your reply so it means rental income on let out property is only require to disclose
Mr. Raj Thakkar Ji,
It is mandatory to disclose all assets and liabilities in ITR - AL Schedule if your income above 50 lacs
It is mandatory to disclose all assets and liabilities in ITR - AL Schedule if your income above 50 lacs
in my opinion, only assets and liabilities which is used or incurred for business have to be disclosed
Thank you everyone one for the reply, Mr. Jatin Ji, in ITR-1, schedule for AL is not given that's why I am particularly asking about the head HP...
No need to show it...
In case You want to show the Self Occupied Property then You just tick "self occupied property" option...
In case You want to show the Self Occupied Property then You just tick "self occupied property" option...
Thank you sir for your reply.....
Mr.Raj Thakkar ji, if we are disclosing it then you have to write 'nil' in self occupied column and then verify it. And if it remains undisclosed then you have to pay fees and penalty as well.
Thank you sir for reply so it's better to show though undisclosing is not an offence please help me with another question is whether it is require to mention address of the self occupied house property anywhere or just only require to tick self occupied option in ITR-1?
Mr. thakkar, are you in receipt of any rental income? if yes then declare the rental income as income from house property and in the house property schedule enter the address of let out property as well as self occupied property. if not just enter your income details and don't bother about the address details of self occupied property.
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