Filing of itr of f.y.2011-12

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 I am a salaried person and now i needed to file itr. i am confuse that which ITR will be filled. I have also paid installment of loan in F.Y.2011-12.

Nischit Sanghavi

Nischit Sanghavi (Expert)
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21 July 2012 ITR 1 is required to file for Salarised Person. If the loan is home loan the you get deduction under section 80C. U may file online by downloading ITR1 SAHAJ Excel form from Income Tax site.

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 yes its home loan..

in installment of home loan Principal Amount+Interest Amount is deducted from total salary along with LIC premium and investment U/S 80-D?

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Nischit Sanghavi

Nischit Sanghavi (Expert)
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21 July 2012 Principal amount shown under 80C and interest factor under the head House Property by showing negative amount. Other investment undr Chapter VI.
Now you have to file ITR2.

SANYAM ARORA

SANYAM ARORA (Expert)
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21 July 2012 You need to file ITR 1

Nischit Sanghavi

Nischit Sanghavi (Expert)
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21 July 2012 Mr. Sanyam, how they shown Home loan interest if file ITR 1?

SANYAM ARORA

SANYAM ARORA (Expert)
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21 July 2012 KNOW ITR FORMS:

A] ITR 1 (Sahaj): To be filled up by individuals with salary, pension, rental income from one property, tax-free capital gains and income from interest.

B] ITR 2 : To be filled by individual and HUFs with salary, pension, rental income from more than one property, taxable capital gains, income from interest and foreign assets.

C] ITR 3: To be filled by partners in a firm with interest, salary, bonus, commission, capital gains, more than one property.

D] ITR 4: To be filled up by individuals and HUFs with income from business / profession with gross receipts more than Rs. 60 Lakhs a year. (If gross receipts are less than Rs. 60 Lakhs, but the income is less than 8% of gross receipts, still ITR 4 to be used).

E] ITR 4S (Sugam): To be filled up by individuals and HUFs with income from business / profession and gross receipts upto Rs. 60 Lakhs a year.

F] ITR V: Remember this is “V” and not 5. This is an acknowledgment form and is to be filled by all the above mentioned categories.

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Nischit Sanghavi

Nischit Sanghavi (Expert)
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21 July 2012 How to shown House Loan interest paid in the return?
ITR V is not required to filed. It is an acknoledgement copy you received from department as a proof that you have filed the return.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 i am confuse now there is no interest paid on loan column in itr-1..please suggest me a right itr.

Nischit Sanghavi

Nischit Sanghavi (Expert)
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21 July 2012 ITR 2 is the proper. There is a interest paid column in House Property Head, final figure on Income from HP will shown in the negative.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 thanks for ur kind help..its been very helpful to me..

which figure i should show Principal Amount or Interest on Installment or both Principal+Interest???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 July 2012 Principal amount is eligible for deduction u/s 80C
interest amount is eligible for deduction u/s 24 while computing Income from House Property

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Nischit Sanghavi

Nischit Sanghavi (Expert)
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21 July 2012 Principal amount of installment under 80C and interest under HP head.

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SANYAM ARORA

SANYAM ARORA (Expert)
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21 July 2012 ITR 2 will be right. I dint saw that you are paying Interest On loan for H.P.

Agreed with Nischit