Answer: As per the income tax laws a person can have maximum of two self-owned houses as self-occupied. In case the tax payer has more than two ... SubscribeSearchMyReadse-paperNew Notifications Newsletters IFSCCodeFinderNew MintGenie TopSections News Companies News Start-ups CompanyResults People Technology Gadgets TechReviews AppNews FoldableSmartphones 5GTech Markets StockMarkets Commodities MarkToMarket IPO LiveBlog Money PersonalFinance Q&A Photos MutualFunds Mint50-TopMutualFunds News Insurance Lounge Features BusinessofLife Opinion Views Columns Blogs Budget2021 BudgetNews BudgetExpectations BudgetVideos Opinion AutoNews Sports Industry Banking Infotech Infrastructure Agriculture Manufacturing Energy Retail Videos IndiaInvestmentSummit AnnualBankingConclave MintExplainers MarketAnalysis WhyNotMintMoney BusinessofEntertainment LongStoryCapsule MintViews Start-UpDiaries MoneyWithMonika MintInsight DigitalGurus BrandMasters Politics Education BrandPost BrandStories Podcast ExploreMint AboutUs ContactUs SITEMAP TermsofUse Subscriber-TermsofUse CookiePolicy PrintSubscription PrivacyPolicy Disclaimer MintCode Codeofethics MintApps Copyright©HTDigitalStreamsLimitedAllrightsreserved. "storyDirectUrl" OPENAPP HomeLatest TrendingPremium CoronavirusVaccineTrackerCoronavirusMarketDashboardLongStoryPlainFactsMarkToMarketPrimerPhotosPodcasts Home/Money/Q&a/ Ihave3houseproperties.HowtocalculatetaxonincomefromthemIhave3houseproperties.Howtocalculatetaxonincomefromthem Premium Inrespectofallthepropertiestreatedasself-occupied,youareallowedtoclaiminterestformoneyborrowedforsuchhouseonlyuptoRs.2lakhsinayear(iStock) 2minread.Updated:11Jul2021,11:40AMISTBalwantJainAspertheincometaxlawsapersoncanhavemaximumoftwoself-ownedhousesasself-occupied ReadFullStory Question:Ihave3houseproperties.Onehouseisself-occupied;2ndonewasletout@24000permonthfor4months.Thethirdoneisoccupiedbymyparents.Ihavetakenahousingloanforthe3rdhouseandampayingEMI.InterestonhomeloanisRs.2,40,000perannum(approx.)HowdoIcomputemyincomefromhouseproperty?CanIclaimhomeloaninterestofonehouseagainstanotherhouse'sIncome? Answer:Aspertheincometaxlawsapersoncanhavemaximumoftwoself-ownedhousesasself-occupied.Incasethetaxpayerhasmorethantwoself-ownedhousesasself-occupied,hehastoselectanytwoofthehouseasself-occupiedandtreattheotherhouse/sasdeemedtohavebeenletout.Anyhouseoccupiedbyrelativesonwhichnorentisreceivedcanbetreatedasself-occupiedsoyoucanclaimthefirstandthirdhouseasself-occupied. MOREFROMTHISSECTIONSeeAllPremiumPremiumI'm38,Ineed1crafter10yearsformydaughter,2c...PremiumPremiumJobhoppersmayhavetopayGSTfornotservingthenot...PremiumPremiumHDFCBankrevisesFDrates.HowtheycomparewithICICI...PremiumPremiumHereiswhyincometaxpayersaregettingreducedtaxre... Forahousepropertywhichisletouteitherduringtheyearoreveninthepast,yougetvacancyallowancefortheperiodforwhichthepropertycouldnotbeletout.Soinrespectofthesecondhouseyouneedtooffertherentforfourmonthsonlyforwhichitwasactuallyletout. Inrespectofallthepropertiestreatedasself-occupied,youareallowedtoclaiminterestformoneyborrowedforsuchhouseonlyuptoRs.2lakhsinayear.SoyoucanclaiminterestonlyuptoRs.2lakhsonhomeloanforthethirdhouseandtheexcessofRs.40,000/-willhavetobeignored.Hadthethirdhousebeenletout,youwouldhavebeenabletoclaimfullinterestagainsttherentalincomeofthishouse.Incasethelossunderthehousepropertyheadforallthepropertiestakentogetherexceedstwolakhsrupeesinayear,youareallowedtosetoffonlytwolakhsoflossagainstotherincomeduringtheyearandthelossnotsosetoffisallowedtobecarriedforwardforeightyearsforbeingsetoffagainsthousepropertyincome. Strictlyspeakingyoucannotclaiminterestpaidinrespectofonehouseagainstrentalincomeofotherhousebutyoucansetoffincomeofonehousepropertyagainstlossofanotherproperty. BalwantJainisataxandinvestmentexpertandcanbereachedonjainbalwant@gmail.com TRENDINGSTORIESSeeAllPremium IndianRailwayscancelsmorethan75 passengertr... Premium Karnataka:Omicronpatientmissing,newSoPsatairport... Premium CycloneJawad:IMDissuesredalertforWestBengaltod... Premium Cryptocurrencyprices:Bitcoinplungesover20%;Ethere... SubscribetoMintNewsletters*Enteravalidemail*Thankyouforsubscribingtoournewsletter. Nevermissastory!StayconnectedandinformedwithMint. Download ourAppNow!! Close NoNetworkServerIssueInternetNotAvailableWaitforit…Logintoourwebsitetosaveyourbookmarks.It'lljusttakeamoment.Yes,ContinueWaitforit…Oops!Lookslikeyouhaveexceededthelimittobookmarktheimage.Removesometobookmarkthisimage.Yoursessionhasexpired,pleaseloginagain.Yes,Continue Congratulations!Youarenowsubscribedtoournewsletters.Incaseyoucan’tfindanyemailfromourside,pleasecheckthespamfolder. × ×EditProfileMyReadsRedeemaGiftCardLogout