House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
what is the criteria for considering a house as self occupied when the assessee is owning more than one house,give example and also explain interest concept for both let out and self occupied.
10 August 2012
Where the assessee owns more than two houses, he should follow the following steps.
1. Consider house 1 as self occupied and house 2 as deemed to be let out.
Compute total income.
2. Consider house 1 as deemed to be let out and house 2 as self occupied.
Compute total income.
3. The alternative that provides more benefit to the assessee should be selected.
Allowability of interest:
Self occupied - Rs. 1,50,000
Let out - no limit
1. Consider house 1 as self occupied and house 2 as deemed to be let out.
Compute total income.
2. Consider house 1 as deemed to be let out and house 2 as self occupied.
Compute total income.
3. The alternative that provides more benefit to the assessee should be selected.
Allowability of interest:
Self occupied - Rs. 1,50,000
Let out - no limit
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