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?

• Related Articles

• 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 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 ...

• 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 ...

• 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.

• Advance/Self Assessment Tax

  Advance tax - It is the Tax amount paid by you on or before the 31st of March,19. Self assessment tax - It is the tax amount paid by you after 31st march,2019 and before filing income tax return.  For Advance/Self Assessment Tax you will have to ...