House property related
IQBAL SINGH (ADVOCATE) (21 Points)
29 March 2020
if one house let out and second sop than first house will be treated for tax?
5 Replies
bharat karsyal
(63 Points)
Replied 29 March 2020
Assessee have the option to select which one to tax.
Tax will be computed in both the cases & the option with lower tax will be selected.
If you want more detailed answer ask me.
Tax will be computed in both the cases & the option with lower tax will be selected.
If you want more detailed answer ask me.
(Guest)
@ Bharat Marshal
I think that option is available only when assesse owns 2 house property and both are self occupied. In that case assessee has a option to choose one is SOP and other is Let out.
And also From Finance Act 2019, it has been ammended as if assessee has 2 House property and both of them is not let out then it is mandatory to treat both property as SOP.
These are my views. Experts opinion is required.
I think that option is available only when assesse owns 2 house property and both are self occupied. In that case assessee has a option to choose one is SOP and other is Let out.
And also From Finance Act 2019, it has been ammended as if assessee has 2 House property and both of them is not let out then it is mandatory to treat both property as SOP.
These are my views. Experts opinion is required.
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 30 March 2020
if property is let out then YES income from such property shall be chargeable to tax under head "House Property"
CA PARTH SHAH
(In Practice)
(1951 Points)
Replied 31 March 2020
If one house is let out then rent income will be taxable. for second property, since it is self occupied, it will not be chargable for tax.
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