What will be the tax implications if a person occupies more than one property for his residence? Can he treat all the properties as self occupied (SOP) and claim gross annual value (GAV) as Nil?
FAQs on Income from house property
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Self-occupied property entitlement: only one residence treated as self occupied; additional homes deemed let out; recent change allows two. The SOP benefit allowing GAV nil is available for only one owner-occupied property; other residences occupied by the owner are treated as deemed to be let-out and their income is computed like let-out properties. A later change permits a taxpayer to designate two properties as self-occupied, reducing properties classified as deemed let-out.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Self-occupied property entitlement: only one residence treated as self occupied; additional homes deemed let out; recent change allows two.
The SOP benefit allowing GAV nil is available for only one owner-occupied property; other residences occupied by the owner are treated as deemed to be let-out and their income is computed like let-out properties. A later change permits a taxpayer to designate two properties as self-occupied, reducing properties classified as deemed let-out.
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