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Self occupied property in bangalore and belgaum

Tax queries 261 views 9 replies

I have two house property one in Bangalore(Karnataka) and other in Belgaum(, which is  constructed in 2018).

Could i please know which home will be beneficial for me to claim as self occupied property

 

 

 

Replies (9)

See as it is if you dont show another property as LOP if its not actually let out then not an issue so thats why show the actual house property as SOP here you actually reside

you have not mentioned the loan details about your house properties.
assuming there are loans the one on which the interest component is high can be shown as SOP.
as you get interest deduction of 2lacs. then this interest deduction can be set-off against the income from DLO property and then there might be negative income from house property or it might reduce your tax liabilitu

But then if theres no loan and even if there is loan then why to show income from DLOP?

because as per act if you are owning more than one house property then any one property of your choice can be shown as SOP. Rest all other properties shud be shown as DLOP. then on any DLOP if you have any loan then you can also take deduction towards interest on loan upto 2lacs.

In which house you are getting more benefit charged that as per SOP 

But its not been followed practically neither is department stringent about DLOP case then why to purposefully fall in it.

Your case might come up anytime for scrutiny. So it's better always to be on safe side and offer for taxation whatever is required. Else after 2-3 years when scrutiny happens assesses end up paying fines to the department and fees to professionals

Assessee can always plea that since there was no actual income there are many case laws for same anyways its assessees' choice

Thanks All.. Info is useful..


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