Query on income tax return filing

Vaish T (85 Points)

15 July 2016  
Hi, I am Salaried person and fail in 20% tax bracket. Since I don't have any other income apart from Salary and bank interests, I used to file tax returns using ITR-1(SAHAJ) form. I came to know that if I have exempt income more than Rs. 5000, I should use ITR2 form. I do have exempt income of Rs. 48755 from PPF interest (only). So should I use ITR-1 or ITR-2? (Last year I had used ITR-1 without any issues). Another question is with respect to ITR-1 form (the spreadsheet utility provided by Income Tax Dept) is that it has additional tab for 'Asset Liability' details. (Last year it was not there). I had bought 1-BHK flat for Rs. 19 Lakh in 2012 and also availing the home-loan benefits for taxation against it. The flat is self-occupied. Do I need to show details of that property now? The tab has comment – ‘Applicable in a case where total income exceeds Rs. 50 Lakh’. Do I need to show this asset purchase to IT Department? If 'Yes' then how should I show it and what is the procedure. Appreciate your responses as soon as possible. Thank you.