Which itr should use itr1 or itr2

Hi All,

I am salaried person .In Aug-14 i and my brother (  jointly ) have bought a flat. For Financial Year 2014-15 which itr i should file. Whether it is ITR 1 or ITR 2.I have only this property and have received the possession also.

If it is ITR1 then where i can claimed the Home Loan Innterest exemption in ITR 1. Total interest for me is 93000 around.

 

Replies (4)

You should file ITR 2, and you will be able to show income from house propertyi.e., Interest on borrowed capital as 50% of interest paid becoz of joint ownership. Also you will be able to claim deduction of principal repayment Under 80c

ITR is yet to be notified for the fy 2014-15. But if the same itr notified by deptt .I.e. as per 2013-14 you may filed the return in itr 1 with showing the intt on housing loan under income from house property
Originally posted by : Ragini
You should file ITR 2, and you will be able to show income from house propertyi.e., Interest on borrowed capital as 50% of interest paid becoz of joint ownership. Also you will be able to claim deduction of principal repayment Under 80c

thanks ragni but most of information which i collected so far they suggest me to do file ITR 1 as i have only 1 house and recently naveer dhar also posted the same ,,, could you please again recheck it annd connfirm mme back.

Originally posted by : NAVEESH DHAR
ITR is yet to be notified for the fy 2014-15. But if the same itr notified by deptt .I.e. as per 2013-14 you may filed the return in itr 1 with showing the intt on housing loan under income from house property

Naveen thanks but raginni has suggested me to file itr 2 .Confused by two different openions. Suppose if i file itr 1 then can i calim HRA dedxtion as well as i amm not residing in my house. my parter had living there in that case we can not say its rented out. may be we can say self occuiped or deemed self occupied. kindly suggest

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details