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Income from house property

Annu (B.Com) (26 Points)

15 July 2015

Can Employer show Employee's Income from House Property in Form 16?

If Yes, then under what rule or Section and If No, then why?

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14 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 15 July 2015

Please refer sec 192(2B): https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000041117&k=&IsDlg=0

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Prashant Gupta (Finance Professional ) (163 Points)
Replied 15 July 2015

Hi Annu,

Form 16 does not contain Income from house property. If you have income from house property you will have to declare it under the head "Income from house property" while filing your Income Tax Return. The 'Income from house property' is taxed in the hands of owner of the property. Hope this helps. Use ITR 1 form to file Income Tax Return with if you have Income from one house property (no loss to be carry forward) and use ITR 1 plus if you have income from more than one house property (or carry forward the loss from house property).

Regards,

Prashant

Meena (Accounts Manager) (30 Points)
Replied 15 July 2015

for tds how much percentage we have to deduct for contract and also for what expenses we have to deduct tds, can you tel me

CA Shruti Kute (Practice) (39 Points)
Replied 15 July 2015

Hello Anu If you refer form 16 contents it does contain Income from house property. If you want to disclose Income or loss under the head house property you need to submit details of the same. Eg. If an employee has taken a home loan for his self occupied house he can claim the deduction of interest paid on home loan under the head income from house property as negative figure. Make sure you submit all the details of income to your employer. It is to be noted that in form 16 only income from house property and income from other sources can only be shown.

Pankaj (Article Assistant) (26 Points)
Replied 15 July 2015

What is the rate of tds u/s 194c applicable on firm?

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Pankaj (Article Assistant) (26 Points)
Replied 15 July 2015

Does the property tax and municipal tax mean the same under income from house property?

CA SACHIN (practice) (115 Points)
Replied 15 July 2015

Tds rate for 194c for firm is 2% if pan not available then 20%

CMA Poornima Madhava (CMA) (13112 Points)
Replied 16 July 2015

@ prashant: where does it say that income (not loss) from house property should not be included in form 16? Could u share that info?

Prashant Gupta (Finance Professional ) (163 Points)
Replied 16 July 2015

@ poornima @ Shruti Form 16 does not contain 'Income from House property' details. Taxpayers chooses the correct ITR form and then enters the 'Income from House property' details at specified place. Refer the below link to get complete details about Form 16.

https://cleartax.in/Guide/UnderstandingForm16

Hope this helps,

Prashant

CMA Poornima Madhava (CMA) (13112 Points)
Replied 16 July 2015

@ Prashant: In the same link that u have given, refer s/n 7. What is that?

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Prashant Gupta (Finance Professional ) (163 Points)
Replied 16 July 2015

@ poornima @ Shruti Sorry,both of you are correct. The Income from house property is mentioned in Form 16. However, while filing his Income Tax Return, the taxpayer needs to enter the same amount in the ITR form through which he is filing his ITR return. Also, the interest paid on house loan is deductible only if the house construction is complete. Calculating income from house loan requires to numbers of particulars to be taken into account such as fair rent, municipal tax paid, standard rent, vacant period, etc. We first calculate the gross annual value and then we calculate income from house property. Use ITR 1 if there is income only from one house property. If there is income from more than one house property, use ITR 2S.

Hope this helps,

Prashant