I own two houses both of which are occupied by my family and me. Is there any tax implication?
Submitted by navin on Tue, 10/21/2008 - 20:04
Yes. Income from house property is a notional income and only in respect of one self-occupied residential unit it will be considered as nil. In case of the other residential unit, marketable rental value will have to be offered for tax, which will be treated as deemed to be let-out property. So, it would be wise to declare the high value property as self-occupied and keep the other one as deemed to be let out.
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