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Income from House Property.

28 March 2019

If I have Shown a Property as let out in my IT return with GAV as Nil , since it has not been given on Rent. So can I claim Interest Deduction u/s 24 ?

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2 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 28 March 2019

if you are using more than 1 property then one property of your choice needs to be shown as SOP and other one as deemed to be let out Notional rent needs to be shown as income . against this you can claim deduction of municipal taxes and on balance claim 30%STD ded

CA Manish Jathliya (Professional) (401 Points)
Replied 28 March 2019

Till FY 2018-19 if you don't have SELF Occupied house property you can claim Deduction U/S 24 (A vacant house property is considered as self-occupied for the purpose of Income Tax).

if more than one self-occupied house property is owned by the taxpayer, only one is considered and treated as a self-occupied property and the remaining are assumed to be let out.

For the FY 2019-20 and onwards, the benefit of considering the houses as self-occupied has been extended to 2 houses. Now, a homeowner can claim his 2 properties as self-occupied and remaining house as let out for Income tax purposes