Income from house property
This query is : Resolved
24 August 2008
Assessee is having 2 house properties.
One is where he is employed and the other is in his native place.
One is occuped by himself and his aged parents are residing in the other one.
No rent is collected.
Can he claim both as self occupied under any special provision?
It has been done so earlier.
One is where he is employed and the other is in his native place.
One is occuped by himself and his aged parents are residing in the other one.
No rent is collected.
Can he claim both as self occupied under any special provision?
It has been done so earlier.
24 August 2008
Visit http://sify.com/finance/fullstory.php?id=14508469&page=2 and find the following:
"The tax department requires that you pay tax on the notional rent on at least one of the houses. Notional rent is the rent you would have got had you given the house on rent. As an owner of two homes, you can choose a ‘self-occupied property’ and the other will be taxed on the basis of notional rent. You can also change your choice from year to year."
So you can claim only one house only as self-occupied. Identify the house for which notional rent is more and treat it as self-occupied. Treat the house for which notional rent is less as let out for the purpose of Income Tax.
"The tax department requires that you pay tax on the notional rent on at least one of the houses. Notional rent is the rent you would have got had you given the house on rent. As an owner of two homes, you can choose a ‘self-occupied property’ and the other will be taxed on the basis of notional rent. You can also change your choice from year to year."
So you can claim only one house only as self-occupied. Identify the house for which notional rent is more and treat it as self-occupied. Treat the house for which notional rent is less as let out for the purpose of Income Tax.
24 August 2008
Yes on one property the assessee has to pay tax.
24 August 2008
Yes thats very true
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