Yes. As already mentioned in the earlier FAQ, income from house property is a notional income and only in respect of one residential unit, if self occupied, it will be considered as nil. In case of the other residential unit, fair rent will have to be treated as your income and will be taxed accordingly
Articles in this section
- What is the tax of treatment of unrealised rent which is subsequently realised?
- How to compute income from a property which is self-occupied for part of the year and let out for part of the year?
- In case of a self-occupied property, how much of interest on housing loan can be claimed as deduction?
- I own two houses both of which are occupied by me and my family. Is there any tax implication?
- Can a property not used for residence by the taxpayer be treated as self occupied property?
- How to compute income from self occupied property?
- What is pre-construction period?
- Can interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?
- How to compute gross annual value of a property which is let-out throughout the year?
- How to compute actual rent while computing gross annual value of a property which is let-out throughout the year?