How do I compute income from self-occupied property?

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• What is the meaning of self-occupied property (SOP)?

  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 ...

• What will be the tax implications if I occupy more than one property for my residence? Can I treat all these properties as self-occupied and compute income from them at NIL or Zero?

  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 ...

• 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.

• I own a property that I have not given on rent. It is vacant and I don’t earn income from this property? Can there be a taxable income from such property?

  Yes. As per the Income tax law, if there is a property, there will be income. This income may be NIL or negative or positive. But there shall be income computed as per the applicable provisions. This may result in NIL income or loss or taxable ...

• House Property

  If you have multiple house property then click on Add. If your interest amount is more than Rs 2 lac then you are eligible to claim deduction of Rs 50,000 U/S 80 EE for Self Occupied property.(By fulfilling all the conditions for 80EE) Losses can be ...