Income from house property

Income from house property

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 (commercial) in possession of owner used as garage.

7/201/2 (half) Ground Floor, shop (commercial) let-out

7/201/3 Ground Floor, shop (commercial) 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.
(C) Can the selection of self-occupied properties be changed from one previous year to next previous year. If yes, then mention the section.
(D) Does Rent received ( or reasonable rent in case of property deemed to let out)from shop or commercial properties also come under the head Income From House Property .
dr. anand bansal

Asked 4 years ago in Income Tax

A. Yes

B. No, it won't impact.

C. There's no such provision. It is a voluntary disclosure.

D. Yes.

Lakshita Bhandari

CA, Mumbai

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1 Yes

2. No impact

3. You can do so. There is no specific section for this

4. Yes Income from House Property in India: The income arising out of a house property either in the form of a rental income or on its transfer is referred to as 'income from house property'. In essence, any property such as house, building, office, warehouse is treated as 'house property' under the Income Tax Act.

However, w.e.f. Assessment 2020-21, a person can claim two properties as self-occupied house properties subject to certain conditions. Thus, from Assessment Year 2020-21 onwards only, both the houses can be treated as self-occupied properties subject to fulfilment of specified

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