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Annual value of the self-occupied property simplified Section 23 of the Act relates to determination of annual value. Sub-section (2) of the saidsection provides that where house property is in the occupation of the owner for the purposes of his residence or owner cannot actually occupy it due to h
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FAQ :
The new rules will take effect from the 1st day of April 2025, applying to assessment year 2025-26 onwards.
The annual value of self-occupied properties will be simplified. For up to two properties, the annual value will be considered nil if the owner occupies them for residence or cannot occupy them for other reasons.
This benefit will apply to a maximum of two house properties, which the owner will specify.
If an owner cannot occupy their home due to employment, business, or profession carried on elsewhere, the annual value will be taken as nil for up to two specified properties.
No, the provision for a nil annual value applies only to a maximum of two house properties that the owner specifies.
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