Hi, We have rented our Apartment, which is in joint ownership, myself and wife's.. The house is rented and the tenant transfers the whole rent amount in my Account... Now my AIS is showing the entire rental income, around Rs. 2L (tenant seems to be showing the full rent in my PAN) whereas in my wife's AIS, no rental income is shown and it is showing nothing. Now while filing ITR of mine, & my wife's..what rental amount should I show in my ITR? Secondly, in my AIS, I see some Interest amount from xyz bank in which I don't have any account.. What should i do about this wrt filing ITR. Thanks in advance for your response.

Ans: Income from capital gain is required to be reported in ITR 2. Person earning income from sale of investment is required to provide details of personal property held by him/her in ITR if income is more than 50 lacs during the year.

Ans: Namaste,

I understand your situation and I'll try to provide a simple explanation.

For your mother's case, since she has sold a property and made a long-term capital gain, she will need to file her Income Tax Return (ITR) using Form 2 instead of Sahaj (Form 1). The reason being, Form 1 is for individuals having income from salaries, one house property, other sources (interest etc.) and having total income up to Rs 50 lakh. However, in your mother's case, there is a capital gain involved, so Form 2 is more appropriate.
The sale proceeds of the house will be reported under the head 'Capital Gains'. The purchase value of the plots will be reported as the 'Cost of Acquisition' under the same head. The capital gain tax paid will be reported in the 'Taxes Paid and Verification' section.
As for your case, since you have been made a co-owner of the plots, you should also declare this in your ITR. However, as you have not contributed to the purchase, it will not have any tax implications for you. You can mention it under the 'Asset and Liability' section if your taxable income exceeds Rs 50 lakh.
Please note that this is general advice and the exact details may vary based on the specifics of the transactions. It's always a good idea to consult with a tax advisor or chartered accountant to ensure all details are accurately reported.

Ans: Query is not clear, but as per my understanding if you are taking a loan then you can file ITR 1 and not compulsorily ITR 2

Ans: The ITR-2 form need to be filled in your case. Also, you can claim deductions for your salary and rental income as well.

You need to follow the below mentioned steps:-
• Under the "Income from Salary" Head, you will need to enter your salary income.
• Under the "Income from Other Sources" Head, you will need to enter your car rental income.
• Also, you can claim the standard deduction of Rs 50,000 for your salary income.
• You need to calculate the taxation on basis of the above details and pay tax accordingly.

Ans: Hello, ITR 2 is to be filed