Tax required if somebody owns two homes

One house property can be declared as self occupied........ but any other house property/ies are assessed as rented or deemed rented. Thus the local market rate prevailing in the area is taken as deemed income for assessment under head income from HP and accordingly taxed as per slab rate.

In which year did this rule came that the second or third or fourth property of a person will be trated as deemed rented and the local market rate prevailing in the area is taken as deemed income for assessment under head income from HP and accordingly taxed as per slab rate? Will this deemed rent amount will be taxed at 20 % rate if the person falls under 20 % incom tax slab and at 10 % rate if the person falls under 10 % income tax slab? Thanks for the replies.

Regards

 

For Complete explanation Refer:   income-from-house-property.

Thank you for the document. It will be really be helpful if you can answe the question in the last post?

Regards

For calculation of the income from house properties ..............

Refer: Income-from-House-Property-Practical.

@ B  Nobody is going to tax you 10/20/30% if you actually have not received any rent.

In the ITR form there is "The amount of rent which cannot be realised"