Can I have 2 self occupied property?

However, w.e.f. Assessment 2020-21, a person can claim two properties as self-occupied house properties subject to certain conditions. Thus, from Assessment Year 2020-21 onwards only, both the houses can be treated as self-occupied properties subject to fulfilment of specified conditions.

Can loss from house property set off against capital gain?

Capital Losses : Long-term capital losses can be adjusted only against long-term capital gains. Short-term capital losses can be set off against long-term capital gains as well as short-term capital gains. Cannot be carried forward if the return is not filed within the original due date.

What makes a house a residential house under section 54F?

The popular meaning of words ‘residential house’ is a place or building used for habitation of people. It is not necessary that a person should reside in a house to call it a residential house. If it is capable of being used for the purpose of residence than the requirement of the section 54F is satisfied and benefit could not be denied.

Can a jointly owned house be taxed as self occupied?

However, in case some of the legal heirs have relinquished their right in the property by mutual consent, the ownership ratio shall stand modified to that extent. In the case of self-occupied, jointly owned property, the tax laws allow you to have one house as self-occupied, on which there is no tax liability.

When is Hindu Undivided Family’s residential house is sold?

When a Hindu undivided family’s residential house is sold, to say that the capital gain should be invested for the purchase of only one residential house is an incorrect proposition. After all, the Hindu undivided family property is held by the members as joint tenants.

Is the EMI deduction available to my husband?

Both these deduction are allowed, if EMI is paid by the assessee. As EMI has been paid by you, the deduction will not be available to your husband. The extent of the deduction will be based on your share in the property. I sold my flat in January 2019 for Rs 37 lakh and made LTCG of Rs 17 lakh.