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Computation of Income from..
"Self-Occupied House Property" Income


# When Property is in the occupation of the owner and not let-out during any part of the previous year, the Annual Value will be taken as NIL.

# When more than one house is held by the owner and is in the occupation of the Owner for his residential purpose, then only one residence value, at Owner’s choice, will be taken as NIL. For other House/s, the tax is computed as though the Property is Let-Out.

# When the Annual Value is taken as NIL, no deduction u/s 24 is allowed except...
in respect of interest paid on capital borrowed for acquisition/construction and the same is completed within 3 years from the end of financial year in which the loan was borrowed subject to a maximum    of Rs. 1,50,000 p.a..

# Deduction in respect of Interest on housing loan during the period of construction  is allowed in equal installment over a period of 5 years commencing from the year of completion. However, this will be within the overall limit u/s 24(b) of the Act.

# There is no limit for the interest on borrowed loan in respect of Let- Out Property.

# If there is a “Loss from House Property” , the same can be set-off against income from any other head in the same
Assessment Year.

# If the Loss cannot be set-off against income from any other head in the same Assessment Year, the Loss is allowed to be carried forward and set-off in 8 subsequent Assessment Years against income from House Property only.

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Tax Planning under One Roof

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(National Tax Conference 2012
at Bhubaneswar, Odisha)

Guide & FAQ on Tax Tips on Income Tax Income Tax @ Glance Knowledge Base @ Taxation in India

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