Tuesday, June 3, 2014

Income Tax :- Exemption for filing ITR having Loss from House Property

Friends,  It is important to know whether ITR filing exemption notification is applicable on those taxpayers who are getting Salary and Loss from House property on account of  Interest on housing loan etc. 

Ans :-No. Under the existing procedure, DDO/employer can give credit to the  employee for a claim for loss under the head “income from house property” u/s  24 made by the employee. As a result, a salaried employee’s total income may  reduce to less than Rs.5,00,000 as loss from the head “income from house  property” would have been set-off against salary income. Such a taxpayer is not  exempted from filing his return of income as the notification exempts only cases  where the total income is under the head “salary” and from savings bank account (income from other sources) not in excess of Rs.10,000. If the taxpayer  has any loss under the head “income from house property”, he will not be  eligible for exemption from filing a return of income. 

In view of the above each and every taxpayer should study Exemption Notification for non-filing of ITR carefully before taking his final decision for non-filing of Income Tax Return. 

Click here to read Exemption Notification issued by Income Tax Department. 

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