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- ITR Filing for Persons having DIN or owing Company unlisted shares
- ITR Filing for Persons having Capital Gain
- ITR Filing for Persons having Assets or Foreign income
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Individuals and HUF who is having from any source other than income from “Profits and Gains from Business or Profession” are eligible to file ITR-2. Sources of income which are eligible for ITR-2 are:
- Income from Salary/Pension
- Income from House Property or more than one house property.
- Income from Capital Gains/loss arising on sale of investments/property.
- Income from Other Sources including income from Lottery, Horse Races, Crossword Puzzles, Card Games etc.
- Income arising from Foreign Assets or any Foreign Income.
- Agricultural Income exceeding Rs. 5000.
- A person who is Resident but not ordinarily resident (RNOR) and a Non-resident.
Other than Individual and HUF, an individual being a Director in company and an individual who has invested in unlisted equity shares of a company at any point of time during the financial year is required to file their income tax returns using form ITR-2.
- Any individual or HUF having who earns income from Profits and Gains from Business or Profession.
- An Individual who is eligible to file ITR-1,havingfrom the eligible sources of income.
Taxpayer filing ITR-2 form can opt to submit ITR in online or offline mode
The return can be filed by submitting the form in paper mode with the IncomeTax Department. Following are the conditions in which an individual can opt to file ITR-2 in offline mode.
- An individual who attains age of 80 years or more at any time during the previous year
- An individual or HUF whose total income does not exceed Rs 5 lakhs and who does not claim any refund of tax.
An acknowledgment number is issued after submission of ITR form with the income tax department.
- By filling the return directly on the income tax portal in Form ITR-1 and submitting the return by clicking the submit button.
- By preparing return of income through offline utility available on income tax portal, generating xml file of the return from the utility, uploading xml file on the income tax portal and submitting the same.
- After submission an acknowledgment number is generated.
- E-verification of ITR-V is done through, Aadhar or net banking, OTP/EVC.
- ITR can be submitted through Digital signature also, which does not need further e-verification or sending the signed ITR form to CPC, Bangalore.
Another way to verify the ITR-V is by downloading and taking the print out of the ITR-V by using the acknowledgment number sent on the registered mobile number and email. Sign the ITR-V manually and send it to CPC, Bangalore, by post within 120 days of e-filing.
Documents Required to file ITR 2
- Details of last year’s tax return
- Bank Statement/Passbooks
- TDS certificates/26AS
- Details or receipts of investments made during the year eligible for deductions under chapter VI-A.
- Interest certificates issued by banks.
- Details of Assets and Liabilities required to fill Schedule AL in case where total income exceeds Rs. 50 Lakhs.
- In case of RNOR, details of Stay in India in the financial year and preceding four previous years.
ITR-2 Return Filing FAQ’s
Income exceeding Rs. 5000 in the nature of exempt income under Section 10 of the Income tax Act is reported in ITR-2. A few examples of exempt income by virtue of Section 10 are as follows:
- Income from Agriculture
- Long term capital gain on listed shares and securities (Section 10(38)
- Gratuity, Pension and Leave encashment
- Maturity amount of LIC (Section 10 (10D).
Income tax return is filed for submitting the details of income earned during the year by an assesse himself. Rental income earned by the owner of the house property is taxed under the head “Income from house property” in his ITR. However, rental earned from sub-letting a house property is not directly earned by the owner of the house property and hence is charged to tax under the head “Income from Other Sources”, In some cases it may be taxed under head “Income from business or profession”
Rental income from property earned by the owner of the property is taxed under the head "Income from house property” in the ITR of the owner of the property". Any person other than the registered owner of the property earning the rental income from that property is charged to tax under the head “Income from other sources” or “Income from business or profession”.
In some cases a person not being the registered owner of the property is treated as deemed owner of the property and is charged to tax for the rental income from that property. Few cases of deemed ownership are as follows:
- If an individual transfers his or her house property to his/her spouse without any agreement to live in seperation or to his/her minor child, without adequate consideration, then the individual transferring the property is considered as deemed owner of the property.
- Holder of such impartible property is the deemed owner of the property.Any property which is not legally divisible and which has more than one owner, then this property is Impartible Property.
- An individual who is allotted a building or a part of it, being the member of any co-operative society, company or other association of persons, under the schemes of building houses, carried out by such co-operative societies , company or AOP, is treated as deemed owner of such property.
- If a person being buyer of the property acquires possession of the property satisfying the conditions laid down in section 53A of the Transfer of Property Act 1882, then the buyeris treated as deemed owner of the property. The purchaser does not get title of the property but there must be an agreement in writing, in pursuance of which the purchaser takes the possession and pays purchase consideration
- Lessee is deemed to be owner of the property, which is leased out for period exceeding 12 years. However, leasing out a property on month-to-month basis or for a period not exceeding one year is not covered here.
Any income earned from renting a building or a land appurtenant thereto is taxed under the head of “Income from House Property”. Since a Shop is also a building,rental income earned from the shop is taxed under the head “Income from house property”.
Yes, interest paid on loan taken for purchase, construction, repair, renewal or reconstruction of the house can be claimed as deduction. However, interest paid on personal loan or loan taken for other purposes is not allowed as deduction under section24(b). Loan taken should be properly documented as proof of loan for house property.
Yes, the rental income can be divided between the co-owners of the property, provided the share of co-owners are ascertainable.
A property which is not rented for any part of the year and is used by the taxpayer for his own residence is a self- occupied property.
Maximum deduction of interest on loanthat can be claimed under section 24(b), cannot exceed Rs.2,00,000 (in case of acquisition or construction) or Rs. 30,000 (in case of repairs). To claim deduction to the extent of Rs. 2 Lakhs, all the following conditions should be satisfied:
Loan taken on or after 1-4-1999.
- Loan is taken for the purpose of acquisition or construction and not for repairs or renovations.
- Acquisition or construction of house should be completed within 5 years from the end of the financial year in which such loan is taken.
- The person lending the money as home loan or re-financing the principle shall certify that the interest is payable on such loan taken for acquisition or construction of the house property
Failure to satisfy any one of the above condition, shall reduce the limit of Rs. 2 Lakhs to Rs. 30,000.
Deduction under chapter VI-A eligible from Assessment Year 2017-18
Deduction of Rs. 50,000 is allowed to an individual, towards interest on loan taken for acquisition of residential house property under section 80EEof the Income-tax Act. However, following conditions should be satisfied to claim deduction u/s 80EE:-
- Loan should be taken between the period from 01-04-2016 to 31-03-2017 from the financial institution only;
- Loan amount should not exceed Rs. 35 Lakhs;
- Loan should be taken for the residential property whose value does not exceed Rs. 50 Lakhs; and
- There should be no residential house property in the name of the assessee on the date when loan is sanctioned.
Deduction under chapter VI-A eligible from Assessment Year 2020-21
A new Section 80EEA has been inserted for those individuals who are not eligible to claim deduction under Section 80EE.Deduction of Rs. 1,50,000 can be claimed under section 80EEA. All the following conditions should be to claim deduction under section 80EEA:
- Loan should be taken between the period from 01-04-2019 to 31-03-2021 from the financial institution only;
- Loan should be taken for the residential property whose value does not exceed Rs. 45 Lakhs;
- There should be no residential house property in the name of the assessee on the date when loan is sanctioned; and
- The assessee cannot claim deduction under Section 80EE.
Any amount of rent which pertains to any preceding previous years is arrears of rent. Such arrears of rent if not taxed earlier shall be charged to tax after deducting an amount equal to 30% of such arrears. This amount shall be taxed in the year of its receipt even if the assessee is not the owner of the property in the year of receipt.