KIYOSH (TAX CONSULTANT) 12 September 2011
HI TO ALL,
AN INDIVIDUAL HAVING TWO HOUSE PROPERTY, ONE OCCUPED FOR HIM SELF & IN OTHER ONE OCCUPIED BY HIS PARENT.
IS HE REQUIRE TO SHOW DEEMED HOUSE RENT INCOME ?
PL GIVE YOUR EXPERT COMMENTS.
Aditi Kaur (Practising CA) 13 September 2011
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Savvy (Student) 12 September 2011
The assessee can treat only one house property as Self Occupied in one time. So if the said assessee has more than one residential house property, he had to treat all the other house properties except one as "Deemed to be Let Out".
sadashiv Rupchand Gaikwad (Proprietor) 13 September 2011
In this connection there was case law. It is injustice on you.But if you rves to the Assssing Officer that one single House in not sufficent, adeuquate fot you whole family.You need another house for your big family, your intetion is not to get extra rent income,the ITO may allow total(both properties) as deducton, and exemption u/s80C (within ambit 1 lacs) also.I think you may take risk to show 'Nil" Rent income on another houseproperty, and to minuns both interest amount from Income. You can also to deduct the amount Payment of Principal Repayment which is cover U/C VIA.