OWE MORE THAN ONE HOUSE- KEEP YOURSELF READY TO PAY TAX ON OTHER

OWE MORE THAN ONE HOUSE- KEEP YOURSELF READY TO PAY TAX ON OTHER

If you own more than one house property and both the houses are self occupied than the second house will be taxable under the head house property.

the government gives option to assessee to pay tax on the other house property at his own choice, it means assessee has option to pay tax on any house i.e. one house in this case will be self occupied and the other one will be deemed to be let out and its fair value will be taxable under the head house property in the relevant assessment year.

the assessee in this case, if he owned more than one house property and both are self occupied then he should evaluate the fair rental value of both the houses and house whose fair rental value is less, he should pay tax on that according to the slab rate of relevant assessment year.

If the assessee had obtained any housing loan on that let out property (which is deemed to be let out in above case), and paid any interest on above house, then he can claim deduction for the interest paid in the relevant assessment year

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