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self occupied house property

Raj Thakkar (ARTICLE) (382 Points)

05 July 2018

Head House property is for disclosing rental income so my question is whether self occupied house property needs disclosure in the income tax return and is there any consequences if we are not disclosing it?

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10 Replies

Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 05 July 2018

no such problem ..........
...

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Raj Thakkar (ARTICLE) (382 Points)
Replied 05 July 2018

Thank you sir for your reply so it means rental income on let out property is only require to disclose

Jatin (Accountant) (3479 Points)
Replied 05 July 2018

Mr. Raj Thakkar Ji,

It is mandatory to disclose all assets and liabilities in ITR - AL Schedule if your income above 50 lacs

rama krishnan (12239 Points)
Replied 05 July 2018

in my opinion, only assets and liabilities which is used or incurred for business have to be disclosed

Raj Thakkar (ARTICLE) (382 Points)
Replied 05 July 2018

Thank you everyone one for the reply, Mr. Jatin Ji, in ITR-1, schedule for AL is not given that's why I am particularly asking about the head HP...

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 06 July 2018

No need to show it...

In case You want to show the Self Occupied Property then You just tick "self occupied property" option...

Raj Thakkar (ARTICLE) (382 Points)
Replied 06 July 2018

Thank you sir for your reply.....

VIRAJ KHODKE (44 Points)
Replied 06 July 2018

Mr.Raj Thakkar ji, if we are disclosing it then you have to write 'nil' in self occupied column and then verify it. And if it remains undisclosed then you have to pay fees and penalty as well.

Raj Thakkar (ARTICLE) (382 Points)
Replied 07 July 2018

Thank you sir for reply so it's better to show though undisclosing is not an offence please help me with another question is whether it is require to mention address of the self occupied house property anywhere or just only require to tick self occupied option in ITR-1?

rama krishnan (12239 Points)
Replied 07 July 2018

Mr. thakkar, are you in receipt of any rental income? if yes then declare the rental income as income from house property and in the house property schedule enter the address of let out property as well as self occupied property. if not just enter your income details and don't bother about the address details of self occupied property.