I have 7 Commercial house properties only not residential.
Three are self-occupied.
Two are vacant.And the two are let out.
Kindly tell me.
How will the taxability be ?
Let out property will be taxable.But , Will the vacant property be taxable and three self occupied property be taxable or not?
Thank you for your advice .
1. Only two self-occupied house properties will be allowed for tax exemption, third will be deemed let out.
2. If two commercial properties remained vacant throughout year, in spite of attempted to let them out, their net ratable value can be taken as zero.
CAclubindia
