How do I compute income from a property which is self-occupied for part of the year and let out for part of the year?
How do I compute income from a property which is self-occupied for part of the year and let out for part of the year?
Such a property will
be treated as been let-out throughout the year and income will be computed
accordingly. However, while computing the taxable income in case of such a
property, actual rent will be considered only for the let-out period.
The gross annual value of the self-occupied property is ZERO or NIL. Accordingly, the standard deduction at 30% of the annual value shall also be ZERO or NIL. Therefore, the amount of interest paid by the person against home loan shall be the loss ...
A self-occupied property is the one which is used by the person for his own residential purpose. If the person owns more than one self-occupied property, then only one property will be treated as self-occupied and the other will be considered as the ...
If the person has owned more than one self-occupied property, only one of them will be treated as self-occupied & the others will be treated and taxed as deemed to be let-out properties. The taxpayer can claim GAV as ‘Nil’ only for the one house ...
In this case, the two parts of the house shall be considered as independent house properties or taxable units. · The part in which you are staying shall be treated as a self-occupied property and the income shall be computed accordingly. ...
In this case there can be two scenarios: The amount of actual rent received for a part of the year is less than the Annual Lettable Value (ALV) (expected rent or potential rent) The amount of actual rent received for a part of the year is more than ...