Is property occupied by owner for residential purpose taxable?

Question

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?

Answers (1)

Answer #1

Adv. Chikirsha Mohanty

Delhi | 200+ Answers

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LawRato LawRato · Accepted Answer · 2018-05-23T17:05:26+05:30

"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."