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What is the tax impact over owning two homes?- Property Hotline
Posted
August 4, 2016
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561
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August 4, 2016
561
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3:24Now PlayingExpert: Shipra Padhi, Member of International Tax Practice at Nishith Desai Associates.
Question: I own 2 flats. I occupy one, my daughter occupies the other. How should these 2 homes reflect in my I-T returns? Will my taxation be affected in any manner?
Answer: Yes. Under Indian tax laws, only first home is considered as self - occupied. A notional rental income will be applied for the second house even though it is occupied by your family members. This will also need to be reflected in your I-T returns.
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