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?
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
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
CA Shruti Kute
(Practice)
(39 Points)
Replied 15 July 2015
Pankaj
(Article Assistant)
(26 Points)
Replied 15 July 2015
Pankaj
(Article Assistant)
(26 Points)
Replied 15 July 2015
CA SACHIN
(practice)
(115 Points)
Replied 15 July 2015
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 16 July 2015
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?
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
Prashant Gupta
(Finance Professional )
(163 Points)
Replied 16 July 2015
Sorry, use ITR 2A not ITR 2S if there is income from more than one house property.
Prashant
Ashok J
(CA Final)
(880 Points)
Replied 03 August 2015
Ashok J
(CA Final)
(880 Points)
Replied 03 August 2015
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(without recording)