Hello... If I have no income from any source, I have two houses in my name, in one Im living and other is vacant, do i still have to file return ? I know some notional rent has to be shown for 2nd house and if the notional rent is below my taxable limit, no tax pending on it so still I have to file returns?
1 Replies
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 02 August 2013
As ur income even after including such notional rent does not exceed maximum amount not chargeable to tax u r not liable to file IT returns!but if u file IT return and if interest paid on loan taken for purpose of construction of such deemed let out property is more than "NET ANNUAL VALUE" u can carryforward such loss from house property and set off against income from house property in next 8 years.if u does not file such IT return, u can not carry forward such loss from house property ,this may lead to tax liability to the extent not carry forward
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