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Income from House Property

19 September 2019

Dear Team,

Can anyone suggest me that which is right ITR form to be file for Income earned from Rent received from House Property. And how to calculate the income from house property.

Thanks.

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9 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 19 September 2019

How many houses....??

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sabyasachi mukherjee (27579 Points)
Replied 19 September 2019

If you hv two houses one is supposed to be deemed to be let out another self occupoed.
you will earn from let out property.

T K Vijith (143 Points)
Replied 19 September 2019

You can use ITR 2 form

Kapadia Pravin (17259 Points)
Replied 20 September 2019

1. File ITR 2 (if you don't have business income)

2. House property calculation will be
a. Rent Received
b. less local taxes paid
c. sub total
d. less 30% deduction for repairs on C
e. Total income from house property C-D

Manjunath K (141 Points)
Replied 20 September 2019

Totally 4 house rental income iam earning for the P.Y all located in Bangalore

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T K Vijith (143 Points)
Replied 20 September 2019

Mail me the details... tk.vijith @ gmail.com

Kapadia Pravin (17259 Points)
Replied 21 September 2019

@ Manjunath
Mail me details for appropriate advice
--. pnkapadia @ gmail.com

Suresh Thiyagarajan (Student) (3986 Points)
Replied 21 September 2019

1. For all the four rental income arrive at the Gross Annual value separately.
Once arrived follow the below format,
Gross Annual Value (GAV)
(-) Property tax (actually paid)
=Net Annual Value(NAV)
(-) 30% of NAV as standard deductions (as per sec 24)
(-) Home loan interest (max of Rs.2 lakhs)
= Income from house property (taxable amount)
2. If you have any loss carry forwarded from the previous year then the same can be set it off against the above income as per sec 71B.
3. ITR-2 if you don't have income from PGBP. Otherwise, use ITR-3.
4. Remember for every single house property separate column must be filled in and other details must be provided (like PAN of the tenant).
Steps in calculating GAV :
Gross Annual Value (GAV)
i) Higher of fair rent or municipal rent = (A)
ii) Lower of (A) or standard rent = (B)
iii) Lower of (B) or expected rent = (C)
iv) Higher of (C) or actual rent received = GAV
Please correct me if the above solution has an alternative view.