Income from two let out house properties

Yes - He needs to declare the income from both the houses in ITR.

He can take the benefit of rent paid  while computing salary income.

Abhimanyu Jhamba

9218999999

Before learning how to compute income from house property, it is important to understand the terminology.

• Annual Value: This is the capacity of a property to earn income is its annual value.
• Municipal Value: This is the value of your property as evaluated by municipal authorities on which they charge municipal tax. Municipal authorities have a host of factors that they consider before assigning a municipal value.
• Fair Rental Value: The rent which a similar property with similar features in the same (or similar) area would fetch is the fair rental value.
• Standard Rent: Under the Rent Control Act, a standard rent is fixed and owners cannot receive rent higher than that specified in the Rent Control Act. This Act ensures that owners are paid fair rent, tenants are not exploited and are protected from eviction.
• Actual Rent received/receivable: This is the actual amount received by the owner from the tenant as rent, depending on who pays the water, electricity and other utility bills.

• Gross Annual Value (GAV): This is the highest among:
• Rent received or receivable
• Fair Market Value
• Municipal Valuation

If the Rent Control Act is applicable, the GAV is highest among:

• Standard Rent
• Rent Received

• Net Annual Value (NAV): NAV = GAV – Municipal Taxes Paid

Yes need to show both houses since it contribute to the income.

As expert have already explain how to clalaulate the NAV of any person.

Do accordingly u will be benefited.

Dear Client,

     he has to declare rental income from both the houses in form 2A  from AY 2015-2016. He can clasim benefit of partly  occupied rental hpuise property on   the interest from  the housing loan. If interest on the home loan is  Rs.5 lakhs he can claim 50% benefit on the entire interest of  5lakhs. I mean he can claim tax benefit/deduction on 50% of interest on 500000 rupees and thus claim benefit of. This 2.5 lakhs amount is totally taxfree.

If the partly self occupied house andn partly rented hpuse there is  no loan interest due i he has nothing to pay by way of iuncome tax in respect of the self occupied house. And the partly rental house property only he'd be taxed.