ITR Form in case of more than 1 House Property

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  1. Krishna Prasad

    Krishna Prasad New Member

    I am a salaried individual & registered a second apartment property on Dec 2013 in a joint name during the FY2013-14, AY 2014-15. I service the home loans for both the property's while residing in the first apartment.
    I am also keeping the second house property un-occupied and not earning any income from it.

    My questions are:

    1. Which ITR form should I use to file my income tax? I was told that it was ITR-2. Please confirm.

    2. Can I get an additional income tax relief for the principal & interest on the second property though I am not earning any rental income from it?

    3. How do I claim income tax relief on the Pre-Emi I paid on the second property since November 2010 though it was registered after posssesion only in Dec2013?
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. You would be required to file ITR 2 in this case as you own more than 1 house property
    2. The principal repaid on 2nd home loan can be claimed under section 80C and interest repaid can be claimed under section 24
    3. The pre-emi interest would be divided by 5 and the resultant amount would be claimed as deduction every year.
  3. Krishna Prasad

    Krishna Prasad New Member

    This helps!!Thank you for the prompt response.
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