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Regarding Self Occupied Property

asheeq ua (ca ipcc) (313 Points)

05 January 2021  
Assessee is getting rent from indus tower and Bsnl tower as he is given land on lease for monthly around Rs.15000 & 6500. And he is having 2 houses in his name.

1. When filing last year Income Tax, doesn't disclose 2 houses. There is no HL (No deductions and No gain) for both the houses. Should I disclose in this FY as self occupied

2. Whether assessee can self occupy 2 houses ?

3. What if I didn't disclose it as it is self occupied ?

 9 Replies

ayusmita (Tax consultant) (5810 Points)
Replied 05 January 2021

Yes assessee can show 2 houses as self occupied and you can show this from this financial year

asheeq ua (ca ipcc) (313 Points)
Replied 05 January 2021

Okay sir... last year has not shown.. will it be a problem ?

Smit Shah (524 Points)
Replied 05 January 2021

Yes there may be but if your total taxable income is below Rs.350000 for A.Y.2019-20 then not to worried much.

asheeq ua (ca ipcc) (313 Points)
Replied 05 January 2021

Yes Sir taxable income is below 3.5 lakh

ayusmita (Tax consultant) (5810 Points)
Replied 05 January 2021

No problem if you disclosed it this year

Smit Shah (524 Points)
Replied 05 January 2021

Then no need to worried

asheeq ua (ca ipcc) (313 Points)
Replied 05 January 2021

Okay.. And Thank You All for your time

Kapadia Pravin (17209 Points)
Replied 07 January 2021

Rent is from Land and hence it's not IFHP. it will be IFOS. such tower rent income you must show it is mandatory. Take care of TDS if any.

asheeq ua (ca ipcc) (313 Points)
Replied 07 January 2021

Yes Sir that is already shown and tds is not deducted as below limit.. I am talking about his House property.. He is having 2 houses, 1 house is self occupied and other one is let out.. Can I show let out property as self occupied ?

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