Rental income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2016 I own only one property which I have given on rent for part of the year in fy 2015-16. I stay in a rented premises elsewhere. I would like to know whether in my income tax returns I show my above property as rented or self occupied. if I show it as rented this year and I occupy the same next year will I be able to show it as self occupied next year. Can the declaration whether the property is rented or self occupied change from year to year. Also my interest on housing loan is more than 2 lacs for which I want to take it benefit. pl advise.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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26 May 2016 You can show it let out in current AY and next AY as a self occupied. Status may change every year. As you are paying rent you can claim HRA exemption / 80GG exemption also in current AY.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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