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.