adil favaz (4 Points)
03 July 2019
Mrugashi Nene
(student)
(133 Points)
Replied 03 July 2019
If it is second property, notional interest need to be declared. but for single property, its not required.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 03 July 2019
1. Income from house property will be chargeable to tax if the same if let out during the year. However, Income Tax provides exemption only for one residential house property and if an assessee owns more than one residential house property, it will be treated as deemed to be let out and tax will be charged on notional rent.
2. Hence, in a nutshell, even an assessee owns two or more residential house property and all of them were self-occupied, still, the assessee has an option to choose either one of the house property as self-occupied and treat the others as deemed to be let out.
3. In your case, I am assuming the rental income is from the let out property, hence even if you have not let out the property still the notional rent will be subject to tax under IHP.
4. From FY 2019-20, Income tax allows two houses to be treated as self-occupied if the same was not let out.
Please correct me if the above solution has an alternative view.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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