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:
- All vacant properties other than self-occupied and let-out are treated as ‘Deemed to be let out’.