Income is from Salary and bank interest.
Also has been only named as co owner in a new property @ 70 lac...No tds or other transactions.
Which ITR form to fill 1 or 2 ?
Rajneesh Bhandari (3 Points)
14 June 2025Income is from Salary and bank interest.
Also has been only named as co owner in a new property @ 70 lac...No tds or other transactions.
Which ITR form to fill 1 or 2 ?
Rama chary Rachakonda
(Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294)
(8266 Points)
Replied 15 June 2025
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.
Rama chary Rachakonda
(Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294)
(8266 Points)
Replied 15 June 2025
Rajneesh Bhandari
(3 Points)
Replied 15 June 2025
Thank you Sir for the reply.
My query stands answered completely.
🙏
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