I am a central govt. employee and posses two houses.Currently, one is occupied by me and other one is vacant(with outstanding Loan on the vacant one ). Pls suggest
27 June 2014
1. ITR-2 will be applicable in your case. 2. The first house would be shown as self occupied property with NIL value.The second house would be shown as deemed let out property.For second house .you have determined net annual value as follows: Gross annual value(=fair value of rent in you area) less:municipal taxes paid net annual value less:standard deduction of 30% u/s24(a) int on loan u/s24(b) You will get deduction u/s80c for principal amount of repayment of loan