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INCOME FROM HOUSE PROPERTY - Deemed to be let out property

Date 03 Apr 2020
Written By
Income Tax Act Section 23 Amended: Taxpayers Can Now Designate Two Houses as Self-Occupied, Easing Financial Burden.
Section 23 of the Income Tax Act was amended to allow taxpayers to specify two houses as self-occupied for tax purposes, instead of one. Previously, only one house could be designated as self-occupied, with others deemed as let out for tax calculation. This change aims to alleviate the financial burden on middle-class families maintaining residences in multiple locations due to work, education, or family care. The amendment exempts notional rent on a second self-occupied house from income tax, reflecting the government's consideration of the challenges faced by such families. - (AI Summary)

Section 23

BEFORE AMENDMENT

Where the property referred to in sub-section (2) consists of more than one house-

(a) the provisions of that sub-section shall apply only in respect of one of such houses, which the assessee may, at his option, specify in this behalf;

(b) the annual value of the house or houses, other than the house in respect of which the assessee has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or houses had been let.

NEW AMEDMENT

Where the property referred to in sub-section (2) consists of more than TWO HOUSES-

(a) the provisions of that sub-section shall apply only in respect of TWO of such houses, which the assessee may, at his option, specify

(b) the annual value of the house or houses, other than the houses in respect of which the assessee has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or houses had been let.

During the Budget Speech, the Finance Minister said that 'considering the difficulty of the middle class having to maintain families at two locations on account of their job, children's education, care of parents, etc., I am proposing to exempt levy of income-tax on notional rent on a second self-occupied house'.

used id :- mukeshjmt

Email id :- Kumarmukeshbrn@gmail.com

Income Tax
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