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Thread: ITR-1 ? or ITR-2 ?

  1. #1

    Default ITR-1 ? or ITR-2 ?

    From my understanding, for salaried person we have to fill ITR1 form.
    In my form-16, for total taxable income, home loan interest is get deducted from head of salries column

    and Taxable income will get retrieved.

    Example from form-16:

    6. Income chargeable under the head \'salaries\' (3-5) = 250000
    7. Add: Any other income reported by the employee
    LESS: INCOME / LOSS FROM HOUSE PROPERTY = -150000

    8. Gross Total Income (6 7) = 100000

    Since I have the Home Loan interest, which form (ITR1 or ITR2) should I fill?
    Or do I need to fill both the forms?

    I think, I have to fill ITR2 only. Please correct me if I am wrong.

  2. #2
    murali70
    Join Date
    Jul 2008
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    1

    Default Re:ITR-1 ? or ITR-2 ?

    You have use ITR-2 for claiming benefit of housing loan i.e interest component and principal component of the loan

  3. #3
    Senior Member G.Ramdas is on a distinguished road
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    Default Income Tax return Forms for this year

    Income Tax return Forms for this year

    --------------------------------------------------------------------------------

    Dear Friends,
    The Income tax dept. has notified the new I.T forms ITR 1 AND ITR 2for the assessment year 2009-10. the forms are available for downloading in the I.T department's website

    http://www.incometaxindia.gov.in/download_all.asp
    You will get confused if you go strictly by the matter given under the column heading. Just ignore it and download the form you need.
    ITR 1 is For Individuals having Income from Salary/ Pension/ family pension & Interest , whereas
    For Individuals and HUFs not having Income from Business or Profession
    ITR2 will aplly.
    There is no major change from last year's forms except that in ITR2 in the case of short term capital gains under section 111A the rate of taxation has been changed to 15%

    GR

  4. #4
    Senior Member tvenkatam is on a distinguished road
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    Default

    Quote Originally Posted by imported_admin View Post
    From my understanding, for salaried person we have to fill ITR1 form.
    In my form-16, for total taxable income, home loan interest is get deducted from head of salries column

    and Taxable income will get retrieved.

    Example from form-16:

    6. Income chargeable under the head \'salaries\' (3-5) = 250000
    7. Add: Any other income reported by the employee
    LESS: INCOME / LOSS FROM HOUSE PROPERTY = -150000

    8. Gross Total Income (6 7) = 100000

    Since I have the Home Loan interest, which form (ITR1 or ITR2) should I fill?
    Or do I need to fill both the forms?

    I think, I have to fill ITR2 only. Please correct me if I am wrong.

    The latest Form No. 16 does not require the details of exemption under Section 24 such as interest on HBA. The Income chargeable under the Head ‘salaries’ should be the figure arrived after deducing the interest on HBA /loss from house property from the Gross salary. Coloumn No 1 of ITR-1 will also accordingly exclude the interest on HBA. A salaried individual will file only ITR-1.

  5. #5
    Senior Member sudacgwb
    Join Date
    Aug 2008
    Location
    Bangalore
    Posts
    209

    Default Form for HBA deduction ITR 2

    Dear Friends,

    When one has to claim towards interest of House Builidng Advance/Home loan, accrued or actual one has to use ITR-2 form only.
    One can check in incometaxindia.gov.in site

    ssudarshana

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