2nd home occupied by parents? what best option to avoid tax

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2nd home occupied by parents? what best option to avoid tax

I have two homes in my name. One is self occupied and the other home is occupied by parents and there is no rental income. How best should i file to avoid tax for the 2nd home.

Profile photo of Asif Nizar Asked By: Asif 4 replies 3 helpful answers Last Updated: 1 month, 4 weeks ago
  • Profile photo of Asif NizarAsif
    Participant

    I have two homes in my name. One is self occupied and the other home is occupied by parents and there is no rental income. How best should i file to avoid tax for the 2nd home.

  • Profile photo of DEEPAK KUMARDEEPAK KUMAR
    Participant

    The income tax department does not treat your second house as a self-occupied … left vacant by the owner, who pays income tax in the highest slab.

  • Profile photo of Nitesh BindNitesh Bind
    Participant

    In this case, when you have more than one house which is being used by your or family for which no rent or no income is coming then ONE HOUSE WILL BE TAKEN AS SELF OCCUPIED AND ONE HOUSE WILL BE TAKEN AS DEEMED TO BE LET OUT. It is your option which house you want to choose the Self-occupied and which one you want to choose as deemed to be let out. CHOOSE THE HOUSE WHICH COULD EARN MORE RENT AS SELF OCCUPIED and the other one as Deemed to be let out. In this way, you could avoid the tax burden to some extent.

  • Profile photo of Josh RichardsonJosh
    Participant

    In this case, when you have more than one house which is being used by your or family for which no rent or no income is coming then ONE HOUSE WILL BE TAKEN AS SELF OCCUPIED AND ONE HOUSE WILL BE TAKEN AS DEEMED TO BE LET OUT. It is your option which house you want to choose the Self-occupied and which one you want to choose as deemed to be let out. CHOOSE THE HOUSE WHICH COULD EARN MORE RENT AS SELF OCCUPIED and the other one as Deemed to be let out. In this way, you could avoid the tax burden to some extent.

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