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

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• How do I compute income from self-occupied property?

  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 ...

• 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 ...

• 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 ...

• 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.

• How can I claim relief in case of selling a residential property to buy another residential property?

  Under section 54, any long-term capital gain arising to an individual or an HUF on sale of a residential property shall be exempt if the capital gains are invested in another residential property. The property sold can be self-occupied or rented.