Shop used for own profession is a house property

Since your wife is using the 1 BHK for her profession you can ask her to pay you rent for your share so that she can claim expense and you will anyways have to show some income so both will be benefited.

You don't need to show your commercial property as income from house property as it's your business asset.

So you need to only show your 3 BHK and 1 BHK under income from house property.

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Thank you

Dear Sir,

Hope you are doing well !

There is no need to show business assets in house property schedule.

You are required to show only 1 bhk notional rent income in house property head.

Please note that the interim budget 2019 increased the number of houses you can claim as self-occupied to two. If you own more than two houses, you can claim any two of them as self-occupied and you do not have to pay tax on notional rent for them.

You should add it to the cost of building and claim depreciation on same.

Hi,

The charging section of the house property read as follows:

The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property".

Thus, the property which you are using for carrying your own business, will not be reflected under house property schedule.

You need to show only 1 BHK as the additional house property in your ITR (Your share) and business asset in wife's ITR (wife's share).

The taxes paid at the time of registration of property during last year will form part of last years income tax return.

You need to revise the return. The last date to revise the return is today.

Hi,

Yes, you will have to file revise return and claim last year credit.

Today is the last day.

- Only 3 3BHK flat can be shown under the head Income from house property. 1BHK flat and shop both are used for commercial purposes, income of which should be shown under the head Profits or Gains from business or profession. 

- Yes you can claim deduction of half of the interest on loan for 3BHK flat.

- Yes you can claim the taxes paid against the income.

Hi,

You need to show only 1 BHK as the additional house property in your ITR and business asset in your wife's ITR.

Hi

Property used for commercial use need not be declared in house property schedule.Rather depreciation can be claimed on business assets .

Stamp duty charges can be claimed in year in which it is incurred.

Hope it helps