Which ITR for two house property?

Rental income from buildings and nearby land held by the taxpayer is included in revenue from house property. You can claim several deductions against house property income. But which ITR for two house property work? As far as I know, ITR 2 works for two house properties.

Which ITR should I File for Two House Property?

When you own two house properties, the Income Tax Department requires you to file a return using one of the more comprehensive ITR forms ITR‑2, ITR‑3, or ITR‑4.

• An assessee having more than one house property is not eligible for ITR 1 form. The assessee has to furnish the return of income in ITR‑2/3/4 as the case may be.

• Among these, ITR‑2 is the most appropriate for individuals who earn income from multiple house properties and do not have business or professional income. 

• ITR‑3 and ITR‑4 are meant for those with business or presumptive business income, respectively.

• Under the head “Income from House Property,” one property can typically be declared as self‑occupied, where you reside, while the other is considered deemed to be let out, even if it remains vacant.

I hope you found this information useful.

Rental income from buildings and nearby land held by the taxpayer is included in revenue from house property. You can claim several deductions against house property income. But which ITR for two house property work? As far as I know, ITR 2 works for two house properties.

Which ITR should I File for Two House Property?

When you own two house properties, the Income Tax Department requires you to file a return using one of the more comprehensive ITR forms ITR‑2, ITR‑3, or ITR‑4.

• An assessee having more than one house property is not eligible for ITR 1 form. The assessee has to furnish the return of income in ITR‑2/3/4 as the case may be.

• Among these, ITR‑2 is the most appropriate for individuals who earn income from multiple house properties and do not have business or professional income. 

• ITR‑3 and ITR‑4 are meant for those with business or presumptive business income, respectively.

• Under the head “Income from House Property,” one property can typically be declared as self‑occupied, where you reside, while the other is considered deemed to be let out, even if it remains vacant.

I hope you found this information useful.

I have two houses and I was also confused about which ITR to file for 2 house property. That’s when my friend told me that the income tax department has notified seven different forms i.e. ITR 7, ITR 6, ITR 5, ITR 4, ITR 3, ITR 2, and ITR 1 to date. All taxpayers are required to file their ITR on or before the stated due date. The applicability of ITR forms varies depending on the category of the taxpayer like company, HUF, individuals, etc., the amount of the income earned, and the sources of income of the taxpayer.

If you are receiving income from house property (income can be from more than 1 house property), then you will have to file the ITR-2 form. This form is for HUF and individuals getting income other than income from ‘Profits and Gains from Business or Profession’.

Thus, if you are receiving income from these sources, you’re eligible to file ITR-2 Form:

• Income from house property (no matter if this income is from more than 1 house property). I hope now you know which ITR to file if more than one house property.

• Income from pension/salary

• Income from capital loss/gains on the sale of property/investments (both long term and short term)

• Income from other sources (such as bets on race horses, winning from lottery, and other legal means of gambling)

• Foreign income

• Agricultural income exceeding Rs. 5000

• Non-resident and resident not ordinarily resident

• The total income from the above sources may be more than Rs. 50,00,000.

Now you know which ITR to file if more than one house property is there.

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