A self-occupied house property is one that you use for your own residence or personal use. According to income tax laws, if you own more than two house properties and leave them vacant for the entire year, they will be treated as deemed let-out. This means you’ll have to pay tax on notional rent, even if no actual rent is received. To understand how to calculate notional rent, check out this article.
Steps to add Deemed let-out property
- Go to File > Incomes > House Property
- Select Add Manually
- Choose the property type as Deemed Let-Out
- Enter the property address and rental income details
- Claim the deductions for interest on a home loan or any property taxes paid
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