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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Sep 02, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Omkar on Jul 19, 2023Hindi

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I have two flats. Out of that one is registered in only my name and the second flat is registered on my name along with my wife's name. We are co-borrowers of the loan for the second flat; and I am only paying loan for first flat. As in my name, there are two flats, so I have filed the ITR2, but my wife is co-owner in one flat only, so which ITR type to be filled by wife, ITR 1 or 2?

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

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Anil Rego | Answer |Ask -Follow

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Question by Rajesh - Dec 17, 2020Hindi

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I have a tax query. If a person has two houses (both self-occupied) jointly owned with spouse (no earning from houses) and if the only source of earning is salary (<30 Lakh category) then which ITR form has to be filled for Assessment Year 2020-21?

Ans: You can use ITR-2 Form for your requirement of two-house properties & income from salary

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Question by Sandeep - Nov 18, 2021Hindi

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I have two flats. Both are registered in my name along with my wife's name. We are also co-borrowers of the loan for both flats; however, I have mainly paid the premiums. Now, the loan for one flat is over and the second one is going on. The rent from the first flat goes to my wife and the rent for the second one goes to me. Can we separately file ITR-1 showing income from one house property for each and showing the rent income? Or I have to file ITR-2 showing two house properties?

Ans: If both of you are the co-owners and if the rent is being received in your respective bank accounts, you can file ITR-1 for each showing income from house property.

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Asked by Anonymous - Jul 10, 2023Hindi

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Dear Mr.Anil, My mother sold her old house and against it purchased two plots wherein she added me as joint owner (all transactions are from her saving account). Now i have following two questions: 1. Under which ITR form and which head in ITR she has to declare /report following 4 things: sales proceeds, long term capital gain, capital gain tax paid and declare purchase value of plots.( So far, I file her ITR on her behalf every year under Form1 -Sahaj). 2. Do i need to also declare /report purchase of plots while filing ITR ,since she made me co-owner and under what head (I file under form2 as have share investements). Kindly guide ?

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.

Tejas Chokshi | Answer |Ask -Follow

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Asked by Anonymous - Jul 21, 2023Hindi

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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: You can bifurcate the rental income into the ratio of ownership ( yourself and your spouse). The very purpose of providing AIS to tax payers is that , they may report errors if any to the department and it can be rectified. you can report the error, if any through Compliance portal.

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Asked by Anonymous - Aug 04, 2023Hindi

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Dear Sir,I am a Retired Govt servant and having income from pension and bank fds.I have one house property.Recently I shall be going to purchase another house property and both the houses will be used by my family members.In that case what ITR form will be used while filing IT return.

Ans: Hello, you can file ITR 1 for the above mentioned scenario wherein the rental income is nil as per you

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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