If a person has three house property, then instead of showing two self occupied and one deemed let out.
Cant we show the third property as let out for 1 months and vacant for rest of the year owing to such vacancy.
In first case annual value shall be taken as expected rent for 12 months.
In second case, we can offer taxation for 1 month rent only owing to vanancy.
Whats your views on that.
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Owns Three house property
Replies (4)
Quick Summary
As per my view, vaccancy loss is available only when the house is offered for tenancy. If it is self occupied , the it is 'Deemed let out'. It's well accepted that the house is vaccant, but for taxation purpose it is to be Deemed as let out. Hence I think this may not work.
Vacancy loss is available when house is offered for tenancy. We can hang a hoarding outside house stating 'to let' but actually not being let out. just a tax planing to avoid deemed let out of 12 months.
This might work for a year or two. But claiming a vaccancy loss all the year would surely seen as a mischief. Kindly refer Vivek Jain vs ACIT
Ok thanks, but 1 year or so would do enough😄
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