29 June 2016
Dear Sir, An Assesse has two house property (two residential flats) and both are in the name of assesse and both are self occupied. In one of the flat assesse and his family stays and the other flat remains vacant throughout the year (it is not let out at any part of the year). My query is whether the Assesse has to show Notional Rent for this property which remains vacant throughout the year as if the flat is deemed to be let out. Please suggest what should be done in this case.
Your valuable reply would help him to determine the tax calculation for the current year.
29 June 2016
yes its calculate the income under income from house property as notional rent and take deduction of municipal tax and 30 % u/s 24(b). and intt on loan if any. balance will add in the income.
CAclubindia
