If in the same city owned house property is let out and another property is rented for occupation. This arrangement being done as the owned property is too small and not convenient.
Does the income earned from letting out to be shown as 'Income from House Property' or will it be considered as deemed to be self occupied.
Also will rent paid qualify for deduction under Sec 80GG
Sorry to say there is no provision for such exemption in IT act, 1961. Haven't come across any case law in favor of assessee. So, rent received will be taxable under head IFHP.
Check any another option to claim rent paid deduction.
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