People owning more than one house cannot apply ITR-1 form to file taxes

Share This Post

Individuals owning more than one house property would not be eligible to file their tax returns under the ITR-1 form as per the tax return forms notified by the income tax authorities for FY’19.

In such a case, it would be required for one to file their return using ITR-2 form or any other form depending on one’s other sources of income and Schedule HP, with details showing income earned from both house property.

According to the provisions of Section 47 (viic) of the Income Tax Act 1961, where an individual transfers sovereign gold bond issued by the RBI under the Sovereign Gold Bond Scheme 2015 as a way of redemption, the transfer would not be regarded as a taxable transfer. An individual receiving any amount on the redemption of the Sovereign Gold Bond would not be considered taxable at the time of redemption or maturity regardless of the holding period of the mode of acquisition, i.e., subscribed initially or acquired in the secondary market, of the bond. The benefits of a similar bond would, however, not be available to a Hindu Undivided Family.

 

People asking for Clarity

There, however, have been many confusions about the SGB bonds. Dharmender Bhayana expressed his confusion and asked for clarity of the same. He questioned if LTCG was exempted from HUF as well or exclusively to individuals and whether the purchase and redemption of gold bonds would be exempted from LTCG tax irrespective of the holding period.  

For a person, if these bonds are redeemed on maturity, the said redemption is not considered as a taxable transfer, regardless of the mode of acquisition or period holding.

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Related Posts

Regulation and GST on Cryptocurrency in India – An optimistic approach?

“Satoshi Nakamoto” is a name that stormed the internet....

Amid Mass Layoffs, Is the fall of the Indian ed-tech industry inevitable?

The mass layoff by India’s top unicorn Byju’s was...

NFT Domains, what the heck are they? An introduction to Quik.com & ENS Domains

Before getting to the main question of what exactly...

Coworking, Explained.

TimesNext Recommended: BiggBang Coworking, the Best Coworking Space in...

GOI Forms Committees to Scrutinize Crypto Ads, Fake Reviews, and Ed-tech Firms

The government intends to tighten the noose to safeguard...

Global Bitcoin Use Will Reach 10% By 2030, Says Blockware

Bitcoin acceptance could be faster than that of previous disruptive...