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Which income head and itr to be select??

Pratik Surve (Assistant Professor ) (571 Points)

05 July 2018

WE HAVE A OWN SHOP AND WE ARE GIVEN THIS SHOP ON LETOUT TO SOMEONE. SO WE RECEIVES RENT OF RS 70000 PER MONTH. SO MY DOUBT IS WHERE TO SHOW THIS INCOME AND WHICH ITR WILL BE APPLICABLE.

THANKS IN ADVANCE

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195438 Points)
Replied 05 July 2018

ITR1 ....... The rental income can be assessed under 'Income from HP'

Pratik Surve (Assistant Professor ) (571 Points)
Replied 05 July 2018

THANKS SIR

J S BHAVSAR (CONSULTING) (1298 Points)
Replied 09 July 2018

My question will be: can a commercial shop get considered as "House Property"?

Is there some definition of House Property wherein it mentions for residential purposes?

In that case then ITR1 may not be correct form, maybe ITR3 is the correct form?

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 09 July 2018

Income from house property

The annual value of property, consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him, the profits of which are chargeable to income tax, shall be chargeable to income tax under the head "Income from House Property".

The annual value of any property you own is taxable under the head ‘income from house property’. While there are a few deductions available from this income, income from a property is not taxable under the head ‘income from house property’ when...