Sir,My mother purchased a new home last year and for a half year I was paying rent to her under old home and I started paying rent on the new property. She has income from 2 house property.I have 2 questions- Should she file ITR1 or ITR2? As she has income from 2 house property.- She sold her old ho...
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Amlan Dutta
She will file ITR 2 and show income from both house property ...whatever capital gains she got from old house, to that extent if she has invested in new house she can claim exemption u/s 54, but capital gains and it's subsequent exemption in return has to be shown in tax return !
- August 14, 2019
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Aakash
If she shows rent from one property only and another one is self-occupied even than she needs to file ITR2?
- August 14, 2019
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Income from let out property
Capital Gains exemption
Company Act
Feedback
General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
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e Grievance ( e Nivaran)
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Disallowance of Tax credit in 26 AS.
e Proceedings
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Exempt gift income u/s 56(2)(iv)
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Exempt HRA U/s 10(13A)
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Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
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Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
Rectification
Rectification - Tax credit mismatch
Rectification - Taxpayer wanting to correct data
Rectification u/s 154
Return processed but revision needed
Revised Return U/s 139(5)
Time period for filing revised returns
Tax Audit
TAX COMPUTATION
TAX CREDIT
Schedule IT (Taking credit of taxes paid)
ADVANCE TAX
Cases when advance tax exempt
Computation of advance tax
How to fill in challan details for advance tax
How to pay advance tax
Penalties for non payment of advance tax
Self assessment tax
How to fill in challan details for self assessment tax
Status of Booking in 26as
TCS
TDS
Property TDS( U/s 194 IA)
Salary TDS (u/s 192)
TDS Credit
26 AS TDS not prefilling ITR
Deducted TDS not appearing in form 26 as
HOW TO MAKE TAX PAYMENT
How to pay advance tax
How to pay demand tax
How to pay self assessment tax
TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
Tax site related issues
How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
UTILITY FILING ISSUES
JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
Unclaimed TDS bought forward and current year TDS separate rows
Indirect taxes
GST
Request
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Hello Sir,
First I want to say Thank you very much for helping us.
I am salaried person (taxable Income more than 10 Lacs).
I have two home in Pune, one is self occupied where second is rented.
There is no home loan available against rented property and home loan available against self occupied pr...Hello Sir,
First I want to say Thank you very much for helping us.
I am salaried person (taxable Income more than 10 Lacs).
I have two home in Pune, one is self occupied where second is rented.
There is no home loan available against rented property and home loan available against self occupied property.
Is this Rent amount taxable or not as no home loan available against this property ?
Should I need to declare income against rented property for rent amount ?
Also Should I file ITR1 or ITR2 in this case ?
First I want to say Thank you very much for helping us.
I am salaried person (taxable Income more than 10 Lacs).
I have two home in Pune, one is self occupied where second is rented.
There is no home loan available against rented property and home loan available against self occupied pr...Hello Sir,
First I want to say Thank you very much for helping us.
I am salaried person (taxable Income more than 10 Lacs).
I have two home in Pune, one is self occupied where second is rented.
There is no home loan available against rented property and home loan available against self occupied property.
Is this Rent amount taxable or not as no home loan available against this property ?
Should I need to declare income against rented property for rent amount ?
Also Should I file ITR1 or ITR2 in this case ?
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Amlan Dutta
The house which is self occupied has no income (no loan interest repayment which could have been shown as negative income)...so effectively , you have income from the let out property only ....assessee having income from only 1 house property can use ITR 1 ......income from let out property is not ...The house which is self occupied has no income (no loan interest repayment which could have been shown as negative income)...so effectively , you have income from the let out property only ....assessee having income from only 1 house property can use ITR 1 ......income from let out property is not just linked to the loan interest ...
It is arrived at after deducting from the net annual value ( rent - municipal taxes ) the standard deductions which are namely,
1.) 30% of net annual value and 2 .) Loan interest repayment ...
So, if there is no loan interest repayment the income from house property will be = net annual value - 30% of net annual value ....simple ( because interest portion in absence of loan is 0 ) ...simply put this value in ITR 1 of the tax return ......
It is arrived at after deducting from the net annual value ( rent - municipal taxes ) the standard deductions which are namely,
1.) 30% of net annual value and 2 .) Loan interest repayment ...
So, if there is no loan interest repayment the income from house property will be = net annual value - 30% of net annual value ....simple ( because interest portion in absence of loan is 0 ) ...simply put this value in ITR 1 of the tax return ......
Amlan Dutta
The house which is self occupied has no income (no loan interest repayment which could have been shown as negative income)...so effectively , you have income from the let out property only ....assessee having income from only 1 house property can use ITR 1 ......income from let out property is not ...The house which is self occupied has no income (no loan interest repayment which could have been shown as negative income)...so effectively , you have income from the let out property only ....assessee having income from only 1 house property can use ITR 1 ......income from let out property is not just linked to the loan interest ...
It is arrived at after deducting from the net annual value ( rent - municipal taxes ) the standard deductions which are namely,
1.) 30% of net annual value and 2 .) Loan interest repayment ...
So, if there is no loan interest repayment the income from house property will be = net annual value - 30% of net annual value ....simple ( because interest portion in absence of loan is 0 ) ...simply put this value in ITR 1 of the tax return ......
It is arrived at after deducting from the net annual value ( rent - municipal taxes ) the standard deductions which are namely,
1.) 30% of net annual value and 2 .) Loan interest repayment ...
So, if there is no loan interest repayment the income from house property will be = net annual value - 30% of net annual value ....simple ( because interest portion in absence of loan is 0 ) ...simply put this value in ITR 1 of the tax return ......
- December 12, 2018
- LikeLike Unlike
- 1 person
- Select as Answer
- Remove Answer
Company Act
Feedback
General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
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What amount is required to be filled in Letable value?
I bought the house on Dec 28, 2017 and the Tenants were already occupied for rent. I only continued the rent of rs 5000/Month with them with rent agreement starting from Dec.
My doubt is, What amount needs to be filled in for this Assessment year?...What amount is required to be filled in Letable value?
I bought the house on Dec 28, 2017 and the Tenants were already occupied for rent. I only continued the rent of rs 5000/Month with them with rent agreement starting from Dec.
My doubt is, What amount needs to be filled in for this Assessment year? I am confused between Month Value (Rs.5000), The amount that I received (i.e 15000, if we calculate from Jan to March) or the whole annual amount of Rs 60,000 which I didn't receive at all.
It would be great help. Thanks.
I bought the house on Dec 28, 2017 and the Tenants were already occupied for rent. I only continued the rent of rs 5000/Month with them with rent agreement starting from Dec.
My doubt is, What amount needs to be filled in for this Assessment year?...What amount is required to be filled in Letable value?
I bought the house on Dec 28, 2017 and the Tenants were already occupied for rent. I only continued the rent of rs 5000/Month with them with rent agreement starting from Dec.
My doubt is, What amount needs to be filled in for this Assessment year? I am confused between Month Value (Rs.5000), The amount that I received (i.e 15000, if we calculate from Jan to March) or the whole annual amount of Rs 60,000 which I didn't receive at all.
It would be great help. Thanks.
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Amlan Dutta
This falls in category -House property which was partly let out and partly vacant during the year....in such cases where house property was partly let out and partly vacant during the year, there are two scenarios which affect the actual rent received owing to such vacancy .... ...This falls in category -House property which was partly let out and partly vacant during the year....in such cases where house property was partly let out and partly vacant during the year, there are two scenarios which affect the actual rent received owing to such vacancy ....
For you the rent is to be considered 60,000 rs only (Scenario 2 applies to your case ) .........................
Scenario 1 - When the actual rent received or receivable is more than the expected rent despite the vacancy , in that case the gross annual value is taken as actual rent received as it is higher than the expected rent ...expected rent is higher of the of the municipal value or fair rent .....
Scenario 2 - When the actual rent received or receivable is less than the expected rent due to the vacancy of the property for some time during the year ......The gross annual value shall be actual rent received or receivable (For period let out) for calculating Income under the head House Property even if same is less than Deemed Annual Value. This provision is brought to ensure that an assessee is not harassed in cases where he has already lost rent for few months.
Act " Section 23(1)(‘c) is “where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable”.
For you the rent is to be considered 60,000 rs only (Scenario 2 applies to your case ) .........................
Scenario 1 - When the actual rent received or receivable is more than the expected rent despite the vacancy , in that case the gross annual value is taken as actual rent received as it is higher than the expected rent ...expected rent is higher of the of the municipal value or fair rent .....
Scenario 2 - When the actual rent received or receivable is less than the expected rent due to the vacancy of the property for some time during the year ......The gross annual value shall be actual rent received or receivable (For period let out) for calculating Income under the head House Property even if same is less than Deemed Annual Value. This provision is brought to ensure that an assessee is not harassed in cases where he has already lost rent for few months.
Act " Section 23(1)(‘c) is “where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable”.
Amlan Dutta
This falls in category -House property which was partly let out and partly vacant during the year....in such cases where house property was partly let out and partly vacant during the year, there are two scenarios which affect the actual rent received owing to such vacancy .... ...This falls in category -House property which was partly let out and partly vacant during the year....in such cases where house property was partly let out and partly vacant during the year, there are two scenarios which affect the actual rent received owing to such vacancy ....
For you the rent is to be considered 60,000 rs only (Scenario 2 applies to your case ) .........................
Scenario 1 - When the actual rent received or receivable is more than the expected rent despite the vacancy , in that case the gross annual value is taken as actual rent received as it is higher than the expected rent ...expected rent is higher of the of the municipal value or fair rent .....
Scenario 2 - When the actual rent received or receivable is less than the expected rent due to the vacancy of the property for some time during the year ......The gross annual value shall be actual rent received or receivable (For period let out) for calculating Income under the head House Property even if same is less than Deemed Annual Value. This provision is brought to ensure that an assessee is not harassed in cases where he has already lost rent for few months.
Act " Section 23(1)(‘c) is “where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable”.
For you the rent is to be considered 60,000 rs only (Scenario 2 applies to your case ) .........................
Scenario 1 - When the actual rent received or receivable is more than the expected rent despite the vacancy , in that case the gross annual value is taken as actual rent received as it is higher than the expected rent ...expected rent is higher of the of the municipal value or fair rent .....
Scenario 2 - When the actual rent received or receivable is less than the expected rent due to the vacancy of the property for some time during the year ......The gross annual value shall be actual rent received or receivable (For period let out) for calculating Income under the head House Property even if same is less than Deemed Annual Value. This provision is brought to ensure that an assessee is not harassed in cases where he has already lost rent for few months.
Act " Section 23(1)(‘c) is “where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable”.
- November 26, 2018
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