While filing your tax you will come across a category ‘Loss from House Property’ to show loss from house property. There may be many many reasons for the loss. Before explaining how to show loss from house property in ITR 2, let me tell you the method to calculate the loss.
Pay your utility bills through NoBroker quickly The method to calculate loss in property:Gross Annual Value (Rent is not received and nil in case the property is occupied by owner)
Less: Municipal or other local taxes paid on the property.
= Net Annual Value
Less: Deductions u/s 24
Statutory deduction at 30 percent of the Net Annual Value (NAV)
Interest paid on home loan
= Income or loss under the head House Property
How to show loss from house property in ITR 2?
To claim loss in the current year you will need to provide relevant documents to support your loss. Besides, you will need a copy of ITR V pertaining to the previous year showing the loss.
It is mandatory to show a loss if you are incurring a loss and expect the loss to be offset in future years.
How to file ITR 2?Visit the Income tax e-filing portal at:
https://www.incometax.gov.in/iec/foportal/
Log in to the e-filing portal and enter your user ID (PAN), Password, and Captcha code and click ‘Login’.
Tap on the ‘e-file’ menu and hit on the ‘Income Tax Return’ link.
Chooses ‘Assessment Year’, ITR Form Number’.
Tap on ‘Filing Type’ as ‘Original/Revised Return‘.
Choose ‘Submission Mode’ as ‘Prepare and Submit Online’ and hit on continue.
Fill out the application form by reading the instructions carefully.
Choose the correct verification option in the ‘Taxes Paid and Verification’ tab.
And submit your tax.
I hope you know how to show loss from house property in ITR 2 now.
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How to show loss from house property in ITR 2?
garima
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2022-11-18T11:25:26+00:00 2022-11-18T11:25:28+00:00Comment
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