An assessee owns two houses in different cities. Of the two residential properties, one (of lower market valuation) is self-occupied and the other (of higher valuation) has been given out on rent. For purposes of computing the wealth tax payable and filing the WT return, should it be on the basis of the actual reality, or can any of the houses be considered as self-occupied and exempt? If this option is there, can this also be changed from year to year depending upon what is beneficial? Is this desirable or can it lead to other complications? Appreciate views of the experts.
Note: Just to clarify, the house has been on rent during the year for less than 300 days.
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