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.
Menu
Income from House Property
Replies (9)
How many houses....??
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.
you will earn from let out property.
You can use ITR 2 form
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
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
Totally 4 house rental income iam earning for the P.Y all located in Bangalore
Mail me the details... tk.vijith @ gmail.com
@ Manjunath
Mail me details for appropriate advice
--. pnkapadia @ gmail.com
Mail me details for appropriate advice
--. pnkapadia @ gmail.com
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.
Thanks you sir @ suresh
Recent Threads
Related Threads
CAclubindia
