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Interest on self occupied property

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(Querist)
03 February 2010 One of the my employee has claiming rebate on interest of self occupied property for last eight years now the same employee is going to purchase another house on loan and start claiming rebate of interest on loan for second house by showing that second house as self occupied property. Can employee opt to show as secound house as self occupied however earlier he has shown first house as self occupied.
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
03 February 2010 Yes, the assessee can do so, but only he has to pay the tax on the annual value of the earlier house by added the same to his income under the head "INCOME FROM HOUSE PROPERTY".
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