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What does a self-occupied house property mean?

What does a self-occupied house property mean?

What does a self-occupied house property mean?

A self-occupied house property is used for one’s own residential purposes. This may be occupied by the taxpayer’s family – parents and/or spouse and children. A vacant house property is considered as self occupied for the purpose of Income Tax.

If more than one self-occupied house property is owned by the taxpayer, only one is considered and treated as a self-occupied property and the remaining are assumed to be let out. The choice of which property to choose as self-occupied is up to the taxpayer.

How is an inherited property taxed?

I inherited a property from my father. Will the property value of the home be added to my income? Yes, you will be taxed just like if it were your own property. When you own more than one house property, only one house is treated as self-occupied house property according to the I-T Department while others are assumed and taxed as if they are on rent.

How are my income taxes affected when I sell an inherited property?
Just as if you have sold your own property.

What does a self-occupied house property mean?

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