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Declare as self occupied house

Tax queries 886 views 1 replies

durga prasad choudhury

assistant(gen)-I

25 Points Joined August 2014

i have only one flat in my name in nagpur and my place of service is also nagpur.

but i am staying in staff quarters. and my flat is lying vacant. i have taken home loan for the purchase of fully constructed flat.

can i declare the flat as self occupied and show the annual income on the property as nil and claim interest of rs.140000 paid on home loans though it is lying vacant.

or whether i have show some rent on it though it is vacant.

Replies (1)

You can claim intt deduction u/s 24b on self occupied house despite you are living at office quarter.no need to show rent from self occupied property(rent income shall be taken nil and claim intt deduction up to 200000 in AY 15-16(up to AY it was 150000) .....if doubt still have refer sec 23(2) of income tax act 1961