Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Income from House Property

11 June 2017

If their are 2 self occupied houses on husband and wife name and both are working

How i can show their income in ITR-2
Plz suggest

Reply
Follow
Share

16 Replies

prateek jain (article) (58 Points)
Replied 11 June 2017

There is both r working then nothing will be taxable bt you should confirm House property should not be a transfer property....for each other

Upgrade to CAclubindia Pro. Subscribe Now!

prashant desai (190 Points)
Replied 11 June 2017

so, it should be shown in ITR-2 ??

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 11 June 2017

Is both house are under joint name or separate

prashant desai (190 Points)
Replied 11 June 2017

joint name in both agreement

prashant desai (190 Points)
Replied 11 June 2017

as per rule if there r two houses 1shoud be consider as let out
so should I file ITR -2 for both husband and wife

Upgrade to CAclubindia Pro. Subscribe Now!

prashant desai (190 Points)
Replied 11 June 2017

as per rule if there r two houses 1shoud be consider as let out

so should I file ITR -2 for both husband and wife

as its joint name in both houses agreement

Plz suggest

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 11 June 2017

Since the House property is in the joint name of H & W the computation has to be made as per rule then divide it in 50-50% only. It does not matter that wife's income now is not taxable. ( Who knows it may become taxable after including the 50% share of rent) So calculate the HP income for the property and divide the net result Income or loss by two and include in each person's return

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 11 June 2017

Sorry wrong answer printed

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 11 June 2017

Since the House property is in the joint name of H & W the computation has to be made as per rule then divide it in 50-50%

So calculate the HP income for both property and divide the net result Income or loss by two and include in each person's return