11 January 2020
Sir So long I was filing in ITR1, as I have no Shares, Mutual Funds, etc. Income only from Pension and Bank Interests But being 72 years in age I have also included my wife as a joint owner of my flat, although she does not earn anything. In the Deed of the flat and Municipality Tax Bill my wife's name is there as the second owner 1)But as per CBDT circular January 3 Notification, an individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint-owner in house. Such taxpayers are to use different forms, which would be notified in due course. As such from AY 2020-21 I cannot file in ITR1(Joint Owner) and as confirmed by newspapers also 2)But the thing is as per media reports my wife has also to file IT Return irrespective of the amount earned, although my wife's Gross Income from namesake bank accounts out of petty household savings is not worth considering. A report has appeared in Times of India Bengali Version Kolkata Edition dated 06/01/2020 corroborating point no(2). The article has also referred the name of 1)Taxman DGM ,Mr Nabin Wadhwa and of ASC Global in this regard Please opine on Point(2) With thanks :
15 January 2020
https://www.financialexpress.com/money/income-tax/income-tax-return-sahaj-sugam-forms-taxpayers-joint-house-ownership-i-t-return/1818381/ Please click on above link to read the good news.
CAclubindia
