Itr 2, schedule hp & co-owner

nitin (professional) (83 Points)

29 August 2015  

A person X co-owns a property with his father. Percentage share of the person is 49% and his father owns rest 51%. The person has taken home loan for this property in 2014-15 for purchasing of this property. The person doesnot live in this property but his father, who is also the co-owner , does live in this property.

Now the person files ITR 2 for FY2014-15 and claims rebate of interest of of his housing loan and he has to fill 'schedule HP' of ITR 2 then the person has to mention the 'Type of house property ?' in the ITR 2. Then will it be called as Let-out/Deemed Let-out/Self-Occupied?

If it is termed as Deemed Let-out them how to calculate rent receivable in this case?