Gangadhara (Professional) (62 Points)
15 March 2013Dear CA's
I have home loan on self occupied (SO) and Let out(LO) house.
Interest I ma paying on SO property is much higher than LO property.
Can you declare SO proerty as LO and LO property as SO while filign the retuens?
Appreciate your valuable comments.
thanks
Gangadhara
Devendra
(Chartered Accountant)
(4775 Points)
Replied 15 March 2013
As per my knowledge, if the property is being actually occupied by the tenant, then you cannot show the same property as Self Occupied and vice versa.
But if your Property is Deemed to be Let Out, then you can show the same property as Self Occupied and vice versa as a part of your Tax Planning.
Regards,
Devendra Kulkarni
SAYED MUJEEB
(ACCOUNTANT)
(101 Points)
Replied 15 March 2013
No u cant, if u have self occupaied property then u cant show it as unoccupied property.
How ever if u have more then one property un-occupaied & non of the property as occupied then u can selecty any one property as self occupied which if more benificial to u.
Gangadhara
(Professional)
(62 Points)
Replied 15 March 2013
Thanks much Devendra and Sayed for the valuable comments.
Akshata
(CA Final )
(324 Points)
Replied 15 March 2013
| Originally posted by : Devendra | ||
 |
As per my knowledge, if the property is being actually occupied by the tenant, then you cannot show the same property as Self Occupied and vice versa. But if your Property is Deemed to be Let Out, then you can show the same property as Self Occupied and vice versa as a part of your Tax Planning. Regards, Devendra Kulkarni |
 |
agree with devendra
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