Loss of income from house property

You can assume anyone of your Chennai house to be self occupied. Because income tax grants every individual a right to have self occupied property. And the rental income earned from this property will be exempt as income from self occupied house is not taxable (Income tax assumes its GAV to be Nil)

thanks Pranjal. this looks good to me. However will ITax authorities buy this argument. I am worried becuause i am receiving rental income for this house. if they dont agree, then i will not have anything to declare as self occupied house as i am now staying in rented place in another city .

dear Sirs, can you please confirm that i can go ahead and declare this house as self occupied and claim tax exemption for the housing loan interest on this property and ignore the rental income from this property.

Thanks in advance

Mohan

dear Sirs,

can you please confirm this

thanks in advance

Mohan

dear sir,

could you please help me to confirm the above. when i talked to the payroll dept in my office they were not ready to buy the above point. could you please help with suggestions

 

thanks a lot in advance

 

Hello, If you own more than one Self Occupied Properties (SOP), you have a choice to treat any one of the properties as SOP. The other such property (ies) which lies vacant will be treated as Deemed Let Out Property (DLOP) under the Act. But in your case both house are let out, you can’t treated as self occupied property.