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Tomorrow is Budget Day, and we know you’ll have questions! We’ll be live, sharing budget updates and answering all your tax-related queries here.
Can you please clarify what the FM meant by saying she was giving tax relief on two self-occupied houses ? Upto two residential properties, which are not let out, can already be claimed as self-occupied and no notional rent need be assessed on them. So, what has changed in this budget ?
The present rule says that the taxpayer can claim 2 properties as self occupied only in the below case:
Either of the property is used for residence by the taxpayer himself.
And the other one is not occupied by himself due to employment, business or profession at other place.
The amendment has removed the condition of employment, business or profession at other place.
Thus, now without any condition you can disclose 2 properties as self occupied even though you have been using only 1 for your residence and other one is not occupied by you.