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How to compute income from self-occupied property in ITR

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A house property will be termed 'self-occupied' when the owner or his/her family members use it for residential purpose. A house could be self- ... Nifty17,196.70-204.95VodafoneIdea14.451.65MiraeAssetEquitySavingsFundDirect-Growth16.22% InvestNowMiraeAssetHybridEquityFundDirect-Growth17.19% InvestNowMarketWatchSearch+HomeETPrimeMarketsNewsIndustryRISEPoliticsWealthMFTechJobsOpinionNRIPanacheETNOWMoreTaxHowtofileITRTaxSavingITRFormsIncomeTaxRefundTaxExemptionLimitIncomeTaxSlabsSaveInvestInsureLifeInsuranceHealthInsuranceMotorInsuranceOtherRiskCoversBorrowEarnLegal/WillPlanRealEstateRERAandYouPersonalFinanceNewsPodcastMutualFundsSpendMoreTomorrowMakersP2PDataCenterFuelRatesDieselRatesPetrolRatesBankPanNumberBankholidaysPennyStocksMFRatings&NAVTopPerformingSchemesTopStarRatedSchemesTopTaxSavingSchemesHighestRiskAdjustedReturnNewFundOffersForthcomingDividendsNPSTopPerformingNPSSchemeMostConsistentNPSschemesETFPerfomanceLatestPricesListedBondsTradedinCashMarketULIPsULIPSchemesCalculatorsRecurringDepositCalculatorFixedDepositCalculatorLTCGTaxCalculatorIncomeTaxCalculatorRentReceiptGeneratorSIPPlannerToolIFSCBankCodeNPSCalculatorInvoiceGeneratorEPFCalculatorHousePropertyIncomeHRACalculatorSukanyaSamriddhiCalculatorEducationLoanCalculatorCarLoanCalculatorHomeLoanCalculatorPersonalLoanCalculatorRiskToleranceCalculatorFinancialFitnessCalculatorBuyOnlineHealthInsuranceCarInsurance2WheelerInsuranceInterestRatesRecurringDepositRatesFixedDepositRatesBankFixedDepositsRatesPostOfficeSchemesRatesMCLRLoanEMIParticipate&WinStocks&SharesETWealthETWealthEditionsBuyWealthMagazineETWealthNewsletterBusinessNews›Wealth›TaxHowtocomputeincomefromself-occupiedpropertyinITRUpdated:09Jan2020,06:09PMIST1/6WhatI-TrulessayaboutsuchpropertyAhouseownedbyanincometaxassessee,whetherself-occupiedorrentedout,needstobedisclosedwhilefilingincometaxreturns.Incomefromhousepropertyisaseparateheadofincomewhichiseligiblefordeductions,dependingonwhetherthehouseisself-occupiedorrentedout.Treatmentofincomefromself-occupiedpropertyasperincometaxrulesisdiscussedhereunder.ThinkStockPhotos2/6Caseswhenhouseisconsideredself-occupiedAhousepropertywillbetermed‘self-occupied’whentheownerorhis/herfamilymembersuseitforresidentialpurpose.Ahousecouldbeself-occupiedevenwhenitwasnotoccupiedthroughouttheyearduetoowner’semploymentatanotherplace.Also,ifapersonownsahousebutliveswithparents,itmaybetermedas‘self-occupied’ifitwasnotrentedout.ThinkStockPhotos3/6AnnualvalueIntheincometaxreturn,underthe‘IncomefromHouseProperty’head,oneneedstoselectthetypeofhouseproperty-self-occupiedorletout.Afterselecting‘self-occupied’,theannualvalueoftheself-occupiedhouseistakenaszero.ThinkStockPhotos4/6DeductionsInterestpaidonloantakenfortheself-occupiedhouseisaneligibledeductionunderthisheadofincome.Theamountpaidasinterestontheloancanbeenteredhere.Thecurrentmaximumlimitforself-occupiedhouseisRs2lakh.Thisisthemaximumamountyoucanenter,eveniftheactualinterestyouhavepaidishigher.ThinkStockPhotos5/6Carryforward/setoffSincetheannualvalueoftheself-occupiedpropertyissettozero,theinterestpaidwillappearasanegativeamountandwillbeadjustedagainstotherincomeslikesalaryorthatfromothersources.Hence,thegrossincomesubjecttoincometaxwillreducetothatextent.Inasituationwheretheassessseehasnootherincome,thelosscanbecarriedforward.ThinkStockPhotos6/6​Pointstonote1.Theterm'Houseproperty'includesanybuildingandlandappurtenanttheretowhichanindividualowns.2.Ifthepropertyownedbytheassesseeisusedforcommercialpurpose,theincomefromitshouldnotbeincludedinincomefromhouseproperty.(ContentonthispageiscourtesyCentreforInvestmentEducationandLearning(CIEL).ContributionsbyGirijaGadre,ArtiBhargavaandLabdhiMehta.)ThinkStockPhotosPopularSlideshowsMoney-makingIdeasShippingCorporation|Buy|Target:Rs190ZeeEntertainment|Buy|Target:Rs425Money-makingIdeasMothersonSumi|Sell|Target:Rs202BataIndia|Buy|Target:Rs2,250HindalcoIndustries|Sell|Target:Rs399TCS|Buy|Target:Rs4,000AlkemLaboratories|Buy|Target:Rs4,000ITC|Buy|Target:Rs240Toseeyoursavedstories,clickonlinkhightlightedinboldXTopostthiscommentyoumustLogIn/Connectwith:IndiatimesNetworkorFillinyourdetails:WillbedisplayedWillnotbedisplayedWillbedisplayedSharethisComment:PosttoTwitter

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