Which ITR form to fill for FY 24 - 25

Determining the Correct ITR Form Given your income sources and situation, let's determine which ITR form is suitable for you: -

*Income Sources*: Salary and bank interest. - *Co-owner in a property*: You've been named as a co-owner in a new property worth ₹70 lakhs, but there's no mention of any rental income or other transactions related to this property. ITR Form Options -

 *ITR-1*: This form is suitable for individuals having income from: - Salaries - One house property (rental income) - Other sources (interest, dividends, etc.) -

*ITR-2*: This form is suitable for individuals having income from: - Salaries - More than one house property (rental income) - Other sources (interest, dividends, etc.) - Capital gains (long-term or short-term) Which Form to Use? 

Since you don't have any rental income from the property and your income sources are limited to salary and bank interest, you can likely use 

*ITR-1*. The co-ownership in the property doesn't necessarily require you to file ITR-2 unless you're generating rental income from it. Key Considerations - 

*No Rental Income*: Since there's no rental income from the property, you don't need to report it as a source of income. -

 *Only Salary and Interest*: Your income sources are straightforward, making ITR-1 a suitable choice. Conclusion Based on your situation, it's likely that *ITR-1* is the correct form for you to file.

Determining the Correct ITR Form Given your income sources and situation, let's determine which ITR form is suitable for you: -

*Income Sources*: Salary and bank interest. - *Co-owner in a property*: You've been named as a co-owner in a new property worth ₹70 lakhs, but there's no mention of any rental income or other transactions related to this property. ITR Form Options -

 *ITR-1*: This form is suitable for individuals having income from: - Salaries - One house property (rental income) - Other sources (interest, dividends, etc.) -

*ITR-2*: This form is suitable for individuals having income from: - Salaries - More than one house property (rental income) - Other sources (interest, dividends, etc.) - Capital gains (long-term or short-term) Which Form to Use? 

Since you don't have any rental income from the property and your income sources are limited to salary and bank interest, you can likely use 

*ITR-1*. The co-ownership in the property doesn't necessarily require you to file ITR-2 unless you're generating rental income from it. Key Considerations - 

*No Rental Income*: Since there's no rental income from the property, you don't need to report it as a source of income. -

 *Only Salary and Interest*: Your income sources are straightforward, making ITR-1 a suitable choice. Conclusion Based on your situation, it's likely that *ITR-1* is the correct form for you to file.

Thank you Sir for the reply.

My query stands answered completely.

🙏