Property (one) Bearing Municipal No. 60 (Residential House, in occupation of the owner) No portion of it has been let-out or no financial benefit was derived Property (Two) Bearing Municipal No. 7/201/2-3 which consists as following: Residential Portion (House) Ist Floor, Bearing Municipal No. 7/201(in occupation of the owners) No portion of it has been let-out or no financial benefit was derived 7/201/2 (half) Ground Floor, shop in possession of owner used as garage. 7/201/2 (half) Ground Floor, shop let-out 7/201/3 Ground Floor, shop in possession of owner. Query (A) Can we show the properties in following manner in the ITR. 1. 60 and 7/201 (as it is part of property no. 7/201 /2-3 which is allowed in condition No.23 ( 2) as self occupied properties (Residential Houses) 2. 7/201/2 (half)—let-out 3. 7/201/2 (half) deemed to be let out 4.7/201/3 deemed to be let out Query (B) Part of house 7/201/2 (half) has been let –out, Will it impact on the claiming the property no. 7/201 as self occupied as mention in condition no 23( 3 ) though no portion of property no. 7/201 has been let-out. Query (C) Can the selection of self-occupied properties be changed from one previous year to next previous year in case of multiple properties. If yes, then mention the section.
How interest is calculated on Kihan Vikas Patra Purchased during FY 2018-19.
Hi
Have you converted the ground floor as commercial property?
A better course of action could be:
1. 60 and 7/201 as self occupied properties (Residential Houses)2. 7/201/2 (half)—let-out - pay taxes on rental income
3. 7/201/2 (half) and 3 - pay actual rent, pay taxes on rental income and simultaneously claim deduction of rent paid in the business.
We may discuss the issues further.
Hi
Income from House Property is possible in these cases –
Annual Value of the property which is self occupied, which isless Municipal Taxes Paid. If the property is let out, its rent received is your Gross Annual Value. For a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil.
As per my understanding you can show property 60 and 7/201 self occupied. Others as let out .
Hi
Please have a phone consultation for detail discussion.
Dear Sir,
Hope you are doing well !!
Yes, You can show 60 and 7/201 (as it is part of property no. 7/201 /2-3 which is allowed in condition No.23 ( 2) as self occupied properties (Residential Houses).
2. 7/201/2 (half)—let-out
3. 7/201/2 (half) & 7/201/3- show the actual Rent and claim the related expenses.
It is advisable to take a phone consultation for detailed discussion.
We may assist you in entire procedure.