I had a query about gap to be maintained for filing IT returns.
I am Professional ( Form 16A is what I get)
I have filed my returns in month of Oct 2013 and have to file another returns.How much difference should be maintained for filing returns . Difference in days ? Can anyone guide me where I can get exact details .I am planning to apply for Housing Loan.One of the banks told me 6 months.But where is it written/mentioned and what is minimum period between returns filing
09 January 2014
There is no such time as per income tax law . . so many assesse use to file returns for two years at a time for loan purpose . . however as you have proof of form 16A credits in your 26AS no problem you can file return
09 January 2014
it is advisable to maintain a decent gap. banks have internal guidelines on the same to ensure that returns are not being filed to show eligibility for the loan...
and when it comes to loans, it doesn't matter whether it is written or not...it is purely a credit call for a bank to give loan to you or not if it is not satisfied with your documentation.
09 January 2014
Thanks GaneshBabu and Nikhil for the reply.I would try to approach another bank and put up my case.If they are ready to provide loan I would file returns immdlty else wait till I get go-ahead from any good bank with less rates for housing.I would still keep my search on and ask bank to provide link to such docs(Delicate matter for me).They can directly reject my loan case.
16 January 2014
I asked with one of co-operative bank .Their person told me 6 months is the gap required. I need to get a home loan ..whom to approach in a legal manner.
02 August 2024
When it comes to filing Income Tax Returns (ITRs) and obtaining a housing loan, banks often look at your financial stability and consistency. Here’s a detailed guide to address your queries:
### **1. Timing for Filing IT Returns**
**Filing IT Returns:** - There’s no legally mandated gap between filing tax returns. You should file your returns annually for each financial year by the due date. - For example, for the financial year 2022-23, the due date for filing returns is generally July 31, 2023 (for individuals not required to have their accounts audited).
### **2. Gap for Housing Loan**
**Bank Requirements:** - **6-Month Rule:** Some banks might require a minimum of 6 months' worth of financial statements or IT returns to assess your loan application. This is typically to ensure that your income is stable and consistent. - **Document Verification:** The requirement of 6 months is more of a banking practice than a legal mandate. It is used by banks to gauge the stability of your income and your ability to repay the loan.
### **3. Alternatives and Recommendations**
**Approaching Banks:** - **Check with Multiple Banks:** Different banks and financial institutions may have varying requirements. Approach multiple banks to understand their specific requirements and see if any are more flexible regarding the 6-month rule. - **Provide Detailed Financial Documentation:** If a bank has specific requirements, provide comprehensive documentation, including detailed financial statements and explanations of any gaps or discrepancies. - **Consult a Financial Advisor:** A financial advisor can help you prepare a comprehensive loan application and negotiate with banks on your behalf.
### **4. Legal and Practical Considerations**
**Legal Guidance:** - **There is no specific law mandating a 6-month gap for filing IT returns** in relation to loans. Banks set these guidelines based on their internal policies and risk assessment protocols.
**Document Preparation:** - **Filing Returns:** Ensure you file your returns promptly for each financial year. Keep copies of all filed returns and related documents. - **Loan Application:** When applying for a loan, be honest and transparent about your financial situation. If you face any challenges, discuss them openly with the bank.
**Steps to Take:** 1. **Gather Documentation:** Ensure you have all necessary documents, including IT returns, Form 16A, bank statements, and any other relevant financial records. 2. **Approach Banks:** Speak with multiple banks to understand their specific requirements and find one that aligns with your needs. 3. **Seek Financial Advice:** If needed, consult a financial advisor to help with your loan application and ensure you meet all requirements.
### **Summary**
- There’s no legal requirement for a specific gap between IT return filings. - Banks may require up to 6 months of documentation to assess loan eligibility. - It’s important to check with multiple banks and provide all necessary documentation to improve your chances of securing a loan. - Consult with a financial advisor if needed to navigate the loan application process.
This should help you navigate the loan application process and address the bank’s requirements effectively.
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