The pre-construction period refers to the time from the date of borrowing a home loan to the date of completion of construction or acquisition of the property. Interest paid during this period cannot be claimed as a deduction in the same year. However, the total pre-construction interest is eligible for deduction in 5 equal annual installments starting from the year in which the construction is completed or the property is acquired.

Yes, if both spouses have invested in the property independently and have joint ownership, the rental income can be split in proportion to their ownership share. Each co-owner can report their share of the income under 'Income from house property' in their respective tax returns.

A self-occupied property is a house used by the taxpayer or their family for residential purposes. It is not rented out or used for any commercial purpose. The gross annual value (GAV) of such property is considered Nil for tax purposes.

Yes, if the property cannot be used by the taxpayer due to employment or business reasons, and they reside in a rented accommodation elsewhere, the property can still be treated as self-occupied. However, the taxpayer must not derive any rental income from it.

No, a taxpayer can treat only two properties as self-occupied, and their GAV will be Nil. Other residential properties are deemed let-out, and a notional rent is calculated as taxable income.

Yes, as per current tax provisions, you can classify both properties as self-occupied. However, this treatment is limited to only two properties. The gross annual value for these properties will be Nil.

Unrealized rent recovered in a later year is taxable in the year of recovery under the head 'Income from house property', even if the taxpayer no longer owns the property. It is taxable without allowing any deductions.

No, rental income is generally taxable in the hands of the legal owner of the property. However, under specific circumstances, such as when the property is transferred to a spouse or minor child without adequate consideration, the income may be taxed in the transferor's hands under the clubbing provisions.

You must compute the income from house property separately for each property, considering the gross annual value, municipal taxes, and applicable deductions individually. The aggregate of these calculations will be your total income from house property.

Rental income from a shop is taxed under Income from house property if the shop is let out as a building. However, if the rent includes services like equipment or staff, it may be taxed under Income from business or other sources.

Actual rent is the total rent received or receivable during the year, excluding periods of vacancy. Any unrealized rent is also deducted if the conditions for its exclusion are met.

Yes, interest on loans taken from friends or relatives for the purchase, construction, or renovation of property can be claimed as a deduction under Section 24(b), provided proper proof of the loan and interest payment is maintained.