House property income

1. I availed a housing loan in April 2017. As only 70 months are allowed to repay the loan, EMI also started from April 2017. The flat is being constructed and possession will take place in December 2017. If I let out the property for 3 months in 2018, can I claim the instalments of Principal u/s 80 C and deductions from the house property income u/s 24 for the whole f.y.2017-18.

2. One owns 3 houses and one is self-occupied and the rest are let out. Can he disclose the one let out property as self-occupied and the self-occupied one as let out property to maximize the income tax benefits.

Replies (6)
2. No you cannot disclose let out property as self occupied as you already own a self occupied property and if you show more than one property as self occupied it will be taken as "deemed let out" and therefore it's implications will be same as let out.

1. Since you will be getting possession in FY 17-18 you will be entitled to claim full amount interest as well as principal in the FY 17-18.

2. The practice will be wrong since properties are actually let out. The practice mentioned by you will be possible only in case of deeming provision I.e. has these properties were not actually let out.

Bcoz, Buyer can't show the asset value is actual. Then it's value is going down as per documents......
Sorry wrongly posted here......
I recollect from IT rules that one can choose anyone of the house properties as self-occupied if he has more than one property. Is it obligatory to declare the real self-occupied house as self-occupied since the other two houses are declared as let out properties of which one may be treated as deemed let out. If this declarations benefit the tax payer, is there any thing contravening the I T rules. Pl. clarify.
@ Mr. Subbiah Mathurappan.,
You can show income from house property as per your 1st query. No one can find it and ITD can't come verification.

But, ITD ll be found it's wrongly show the assessee for the house property income then you can fall under penalised....
So,
Advisable for actual income ll be show and pay the Tax....

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