Query on House Property Schedule of ITR2

Hi Sir/Mam,

1) There is no requirement to fill the details of self owned property in ITR.

2) you are right, a self occupied house property always has zero income but it is filled generally in those cases where we have loan running on that house property so that we can claim deduction of interest under section 24 of Income Tax Act,1956 and the loss arising from that house property will then be set off from the income from any other source.

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Hello,

1. Not mandatory.

2. Cases, when you have interest deduction to be claimed under the house property head, and when an assessee has more than two self-occupied properties where the remaining houses are to be declared as deemed let out for Income tax purposes.

I hope this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

Hi

1. No it not mandatory.

2. It is required because as per section 24 you can claim deduction interest on house property.

Please find below answers

a) If you are showing that house as self occupied and not claiming any benefit in the nature of interest on housing loan than no need to disclosed that house under house property since it will not be cosidered as deemed let out and it is not having any tax implication or disclosure requirement

b) It must be disclosed when you want to claim interest payment against housing loan on such property

1) Yes you have to disclose self occupied property. The annual value will be taken as zero hence no income will be taxable.

Dear Sir,

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1. No, it is not mandatory.

2.When you have taken a loan for purchase or construction of a house property, you can claim a deduction on interest as well on principal.

It is advisable to take a phone consultation for detailed discussion.

No its not mandatory to put self occupied property details if there is no income or deduction related to that property.

When you are claiming deduction of housing loan interest on such self occupied property.

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Thank you.

This is the requirement as per Income Tax act. Act mentions that the value of property is to be reported as NIL.

Hi

Yes, you need to disclose the details of the self occupied property as well. Although there would be no income under this property, but disclosure needs to be made.

- It is not mandatory to disclose it but there is no harm in disclosure.

No, it is not mandatory.

However, it is advisable to show the same.