Find
ITR-4 allows income from one house property and other sources such as interest, along with presumptive business income. Two or more house properties need ITR-3.
ITR
House property and interest income in ITR-4
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Provisions
Sec 44AD (now Sec 58); Sec 24(a) (now Sec 22(1)(a)); Sec 56 (now Sec 92)
Analysis
If rent is ₹2,40,000 and municipal tax ₹10,000, net annual value is ₹2,30,000 and the 30% standard deduction leaves ₹1,61,000 as house property income. FD interest of ₹80,000 goes under other sources. If you own a second let-out flat, switch to ITR-3. Brought forward house property losses also need ITR-3.
Close
- Confirm you have only one house property
- Compute rental income after municipal tax and 30% deduction
- Add interest under other sources
- Use ITR-3 if a second property or losses exist
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