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Is property occupied by owner for residential purpose taxable?
23-May-2023 (In Tax Law)
Is a property occupied by the owner for his residential purpose taxable?
"A ‘self-occupied’ property is exempted from taxation if it is wholly used for residential purpose by the owner or his family. However, if a person owns more than one property then only one of them would be treated as self-occupied property and will be exempted from taxation.
Only one such property is exempted from taxation. If there are more than one such properties owned by a person then he can avail the self-occupied property benefit in case of any one of them as selected by him and others will be taxed."
Only one such property is exempted from taxation. If there are more than one such properties owned by a person then he can avail the self-occupied property benefit in case of any one of them as selected by him and others will be taxed."
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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