What are the types of house property?
There are three types of house property:
1. Self-occupied house property:
- Self-occupied house property is used by the taxpayer or his family for their own residence.
- A vacant house property can also be considered as self-occupied under Income-tax.
- Taxpayers can now claim a maximum of 2 properties as self-occupied.
2. Let-out house property:
- A house property that has been rented/let out by the taxpayer for the whole or a part of the year is considered a let-out house property.
3. Deemed to be let-out property:
- It is considered to be a 'deemed to be rented out' property if it is not self-occupied or let out.
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