Hey,
There are different types of properties. These different properties have a distinction in their meaning and use.I bet everyone has heard the term ‘self occupied house property’. In this answer I will share the meaning of the term.
What is self occupied house property ?
- Property or house that is being used for residential purposes throughout the year by the owner is deemed as self occupied property.This property is not let out or used for any other purpose.
- For taxpayers, there is a specific section for property that is let out and property that brings in money i.e. income. The gross annual value of self occupied house property is zero as no income is generated from this property.
-Certain benefits are granted to people over self occupied property. In case you own multiple properties, you can avail benefits on two properties of your choice. Rest of the will be treated as 'deemed to be let-out' for the purpose of taxation.
- According to the rules and regulations a house is counted as self occupied house property even when it is not occupied throughout the year by the owner or owner’s family.
I hope your doubts on What is self occupied house property has been cleared.
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Authors Of The Question
What is self occupied house property ?
Mridhu
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3 Year
2022-02-28T07:01:26+00:00 2022-02-28T07:01:27+00:00Comment
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