PROPERTY TAX
This query is : Resolved
16 August 2020
MY FRIEND HAD THREE PROPERTIES (TWO HOUSE AND ONE SHOP).FIRST ONE IS IN WHICH HE IS LIVING WITH HIS FAMILY, SECOND ONE WHICH IS VACANT AND THIRD ONE IS SHOP WHICH IS LET OUT.NOW AS PER NEW RULE WE CAN DECLARE TWO PROPERTIES AS SELF OCCUPIED PROPERTY.SO MY QUESTION IS
1.IS THERE IS ANY NEED OF SHOWING THESE TWO HOUSE PROPERTIES IN INCOME TAX AS THERE IS NOT ANY TYPE OF LOAN ON THESE PROPERTIES?
2.IF SHOP IS LET OUT ,WE CAN SHOW IT UNDER HEAD "INCOME FROM HOUSE PROPERTY " OR SOME OTHER OPTION IN ITR?
1.IS THERE IS ANY NEED OF SHOWING THESE TWO HOUSE PROPERTIES IN INCOME TAX AS THERE IS NOT ANY TYPE OF LOAN ON THESE PROPERTIES?
2.IF SHOP IS LET OUT ,WE CAN SHOW IT UNDER HEAD "INCOME FROM HOUSE PROPERTY " OR SOME OTHER OPTION IN ITR?
16 August 2020
1. Yes, you need to show other two properties also.
2. Income from Letting out will be shown under Income from House Property.
2. Income from Letting out will be shown under Income from House Property.
17 August 2020
But if there is exemption of two self occupied house properties then why it is need to show that properties in income tax if self occupied properties more than two are taxable
17 August 2020
Exemption of Income & reporting of information is different thing. Even if an income is exempt, still there are reporting requirements. So it is better to declare complete information.
19 August 2020
So which ITR he needs to file in which he reports only two house property ,paid tax of shop under head income from house property and shows business income(presumptive) beacuse in ITR 4 we can select only one property whether self ocupied or let out.
20 August 2020
Form ITR - 2 will be applicable
20 August 2020
But businessmen can file ITR 2 and shows presumptive income in it and others properties
20 August 2020
What business your friend is doing ?
21 August 2020
He has shop of dairy products (curd, milk, cheese).
23 August 2020
Declare Dairy income under presumptive taxation & File ITR 3. Both Rental income & Presumptive income can be declared in ITR - 3
23 August 2020
THANKING VERY MUCH SIR
23 August 2020
Most Welcome Mr. Avtar Singh. Glad to help you
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