Income tax on 2nd house

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24 Points Posted on 14 December 2012

I have two properties:

House 1: Rented out @ Rs13,500/month, no home loan interest.

House 2: Self occupied in reality, Home loan interest charges of approx 3,00,000 Rs/annum.

Does income tax rules allow me to show House 1 as the self occupied and house 2 as deemed let out? Asking as this will obviously give me better tax benefits.

 

Thanks in advance for responding,

Gopal

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On 14 December 2012 at 01:24 Report
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Job
5264 Points Posted on 14 December 2012

The concept of deemed let comes when there are two house and both are not on rent, In that case choice is yours.

 

But in this case one house is actually on rent so you cannot show that as self occupied.

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On 14 December 2012 at 10:47
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CA in Practice
8307 Points Posted on 14 December 2012

Agree with Manishji.

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On 14 December 2012 at 14:10

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