22 May 2010
hello sir. 1. my dad is having House in chennai in which grand parents are leaving. 2. For the purpose of my dad's job we came and settled in hyderabad in May 2009 by purchasing a new house. 3. Both the houses are acquired by taking housing loan 4. I calculated Income from HP in order to claim one HP as Deemed to be let out i took both houses as Letout houses and claimed interest on loan. But i am getting HP loss for both the houses. How should i treat this situation. can i claim both the houses Self occupied. is there any provision related to this. Please reply to me sir,
22 May 2010
First of all only one house shall be treated as Self-occupied for the purpose of Sec. 23(2)(a).It is not necessary that the same house be treated as self-occupied every year. Other houses will be treated as deemed to be let out property. For this u should calculate taking each house as self occupied and other as deemed let out and select one of the case in which maximum loss is generated because it will minimise your father taxable income
CAclubindia
