I have two properties, one in the city and the other in a suburb. Do I have pay any IT on it? As per my information, from AY 2020-21 exemption is allowed on two self-occupied properties. Can you throw some light on this section. Does this have to be shown during the ITR filing?
Hello @Girimon_Vasudevan !
From AY 2020-21, if a taxpayer owns multiple house properties, the Income Tax Act has allowed the benefit of declaring any two properties as ‘Self-occupied property’ as per his willingness and rest of the properties will be treated as ‘Deemed to be let out’; the annual value of the deemed to be let out property will be taxable under the head Income from house property and is derived according to section 23(1)(a) of Income Tax Act.
You can read more about it over here
Hope this helps!