• Query on House Property Schedule of ITR2

I am an NRI and I have a question on the House Property Schedule of ITR2. I have two properties (flats) in India, one of which is rented-out and the other one is self-occupied (with my parents residing in it). I have already put the details of my let-out property with its rental income in the House Property (HP) Schedule of ITR2 but have a couple of questions on self-occupied property:
1) Is it also mandatory to put the details of my self-occupied property in the House Property (HP) Schedule of ITR2, even though I have zero income from it? 
2) I believe a self-owned property shall always have no income generated from it and so I don’t understand in which cases is it required to put the details of the self-occupied property in the House Property Schedule of ITR2?
Asked 13 days ago in Income Tax

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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Shubham Bansal
CA, Amritsar
22 Answers

5.0 on 5.0

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

Hunny Badlani
CA, Madhya Pradesh
2517 Answers
8 Consultations

5.0 on 5.0

Hi

 

1. No it not mandatory.

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

Karishma Chhajer
CA, Jodhpur
2272 Answers
15 Consultations

5.0 on 5.0

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

Vishrut Rajesh Shah
CA, Ahmedabad
773 Answers
22 Consultations

5.0 on 5.0

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

Ruchi Goel Anchal
CA, Gurgaon
404 Answers
2 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

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.

Payal Chhajed
CA, Mumbai
4896 Answers
91 Consultations

5.0 on 5.0

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.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
3668 Answers
40 Consultations

5.0 on 5.0

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

Ruchi Goel Anchal
CA, Gurgaon
404 Answers
2 Consultations

5.0 on 5.0

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.

Lakshita Bhandari
CA, Mumbai
5245 Answers
351 Consultations

5.0 on 5.0

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

Vivek Kumar Arora
CA, Delhi
3800 Answers
242 Consultations

5.0 on 5.0

No, it is not mandatory.

 

However, it is advisable to show the same.

Payal Chhajed
CA, Mumbai
4896 Answers
91 Consultations

5.0 on 5.0

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