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IT Tax Question on 2 self owned properties - Mumbai & Goa

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Feb 20, 2025

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Asked by Anonymous - Feb 01, 2025Hindi

Money

As per Budget 2025 I understand that taxpayers can now claim zero tax on 2 self occupied properties. I own two house properties one of which is in Mumbai and the other one is in Goa. I stay in Mumbai flat and my father stay in the Goa flat. The Mumbai flat was purchased in August 2008 and I got possesion of Margao - Goa flat on March 22, 2024. There is no housing loan taken. I am confused after the budget 2025. Since I own 2 properties in my name do I need to pay income tax for Margao-Goa property while filing IT returns for the assessment year 2025-2026 even though my father is staying in Goa flat and its not on rent.

Ans: As per the proposals made in Budget 2025, the taxpayer can easily claim both houses as self-occupied and will not be required to pay any tax. Thus, both Mumbai and Goa flat will be having no tax liability.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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