cpc

self occupied house -taxation


Sir,

I have 2 houses in my own name in the nearby district of my job. I stay in Govt. staff quarters and given one of the house on rent and kept one for self use.

1.  Is it permissible to keep one of the house for self use when I stay in staff quarter ?

2.  In the year beginning both houses were vacant and  I have declared  house A as self occupied and for house    B   declared a notional value as the rental income prevailing in that area for the purpose of IT(  as it is mandatory to declare notional income from any one house if owns more than one house). But after a few months in Aug 12, I have got a good party for rental for house A and rented it out. Can I change the declaration in between and declare B as self occupied  and calculate the net income /loss from both  housing properties together effecting this change in 'self occupied property'?

thanks

 

 

 

 

 

 

 
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ADVOCATE

Query: I have 2 houses in my own name in the nearby district of my job. I stay in Govt. staff quarters and given one of the house on rent and kept one for self use.

1.  Is it permissible to keep one of the house for self use when I stay in staff quarter ?

2.  In the year beginning both houses were vacant and  I have declared  house A as self occupied and for house    B   declared a notional value as the rental income prevailing in that area for the purpose of IT(  as it is mandatory to declare notional income from any one house if owns more than one house). But after a few months in Aug 12, I have got a good party for rental for house A and rented it out. Can I change the declaration in between and declare B as self occupied  and calculate the net income /loss from both  housing properties together effecting this change in 'self occupied property'?

Reply:1. It is  permissible under the income tax law to keep one of the house for self use when you  stay in staff quarter.

2. You can  have one house as the self occupied property for the initial months , and another for the rest of the year.

 
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Software engineer

Sir,

I have 2 houses

House A (in Native), I rented it out, House B (in my work city)

I staty in house B. Can I declare House A as selef occupied and House B as rented.

The reson being is that the House B am paying around 4 lac as interest for housing load  and  for House A i am payign 60K as interest for housing load where as its rental income is 70K

 

Thanks in advance

 
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ADVOCATE

Honesty is always the best Policy; therefore I would not advise you to do as you have suggested.

You may check whether it is worth making a false statement.

Pl give a draft of the computation of your income from house property.

 
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