Co Owner & Self occupied treatment

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This query is : Resolved

Quick Summary

This discussion clarifies the rules for claiming self-occupied property status when you co-own properties. While you might own multiple properties, tax regulations typically allow you to claim only two as self-occupied. The conversation also touches upon determining the 'first' owner in co-owned properties, the importance of equal investment, and checking ownership percentages in agreements.

Bhumi Savla

Bhumi Savla (Querist)

30 June 2023 I jointly owns two properties and 100 % owned 1 property , In Total 3 Properties. Can I claim all three property as self occupied because the co owner owns only two property and he claimed both the properties as self occupied. So can I claim my 100% owned property and 2 co-owned property as self occupied and because for co owner both the properties are to be self occupied.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

30 June 2023 In both the co-owned properties, who is the first owner? Whether both owners have equal amount of investments? Whether there is any clause in agreements of specific percentage of ownerships?

Bhumi Savla

Bhumi Savla (Querist)

30 June 2023 I am the first co owner. The amount of Investment is equal. the ownership percentage is 50:50%

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

30 June 2023 So, you are treated as owner of all the 3 properties, of which only two are allowed to be self occupied.

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