Which itr should file for 2015-16 assesment year

ITR 514 views 6 replies

Ankur Jain

Student Others

143 Points Joined December 2014

Hi ,

As some new changes are done in ITR forms.Can you please let me know which ITR form i should use . I filed ITR-1 for 2014-15 Assestment Year.However i have one flat as joint partnership in Jaipur am i am living in delhi.

What it means for " those exemption are more than 5000" should file ITR-2 ?

Apart from it, I have 2 joint accounts as well but my mother has primary account holder in both accounts should i furnish these accounts details also as per new changes ?

Awaiting Reply

Replies (6)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

U can use ITR1
ITR2 to be used if agricultural income exceeds Rs.5k (w.e.f. 1/4/15)
You need to furnish all the a/c details including joint accounts

Ankur Jain

Student Others

143 Points Joined December 2014

thanks . Can you Please Clarify the below queries :

the flat which is in partnership with my brother has vacant and i am claiming the tax benefit of HRA as i am not living in Jaipur . can i claim that ?
Or if my brother is living there in that case also, can i claim HRA ?
or if flat is rented out and i didn't show in ITR and claim HRA ?

Kindly let me know the what would be occured in above cases.

last query, if i opened a RD in a joint accout with my mother name .am i aaplicable to pay any taxes on that RD ?

Thanks in Advance :-)

Originally posted by : Poornima Madhava
	U can use ITR1 ITR2 to be used if agricultural income exceeds Rs.5k (w.e.f. 1/4/15) You need to furnish all the a/c details including joint accounts

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

U mean u r a co-owner of that flat? Where do u stay...out of Jaipur?

Regarding RD, interest is taxable on proporationate share of the holders in case of joint account. But if source of income for transfer to RD a/c is only from you, then entire interest will be clubbed in your name only.

Ankur Jain

Student Others

143 Points Joined December 2014

Yes i am co -owner of my flat and i am living in delhi at rented flat not in jaipur . that's why i have asked you 3 situations .

Regarding RD query , i want to understand that i have a joint account with my mother and she is primary account holder of account and now i want to open a RD in joint account in the name of my mother so that i won't liable to pay any tax as RD is in name of my mother.

I always deposit money online from my salary account to that joint account and money is automatically deducted from joint account.

Originally posted by : Poornima Madhava

U mean u r a co-owner of that flat? Where do u stay...out of Jaipur?

Regarding RD, interest is taxable on proporationate share of the holders in case of joint account. But if source of income for transfer to RD a/c is only from you, then entire interest will be clubbed in your name only.

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Since co-owned property is vacant as you r employed somewhere else, it will be treated as self occupied property u/s 23(2)(b) and no deemed rental income is taxable. If so, u cant get deduction of HRA u/s 10(13A), as it will become double exemption/deduction.
Even if ur brother lives there, it is self occupied property for him too and hence no rental income is taxable for him too.
If the flat is rented out, then u can claim HRA exemption but in this case, rental income (proportionate) is taxable in ur hands.
Even if u open account in your mother's name (or jointly with u), interest on RD will be clubbed in ur hands only (due to clubbing provisions) as u r paying towards the deposit.

Ankur Jain

Student Others

143 Points Joined December 2014

Originally posted by : Poornima Madhava

Hi Poornima,

But i have claimed HRA deductions as well as interest exemption as i have same declared in my company and as per Form 16 i have submitted my ITR.

Should i need to worry about it ? :-P

i have mentioned -ive amount as income from house property and claimed HRA exemptions as well.

Since co-owned property is vacant as you r employed somewhere else, it will be treated as self occupied property u/s 23(2)(b) and no deemed rental income is taxable. If so, u cant get deduction of HRA u/s 10(13A), as it will become double exemption/deduction.
Even if ur brother lives there, it is self occupied property for him too and hence no rental income is taxable for him too.
If the flat is rented out, then u can claim HRA exemption but in this case, rental income (proportionate) is taxable in ur hands.
Even if u open account in your mother's name (or jointly with u), interest on RD will be clubbed in ur hands only (due to clubbing provisions) as u r paying towards the deposit.