Taxpayers Get More Flexibility

Now, one will be able to change the self- occupied property mentioned in ITR during the detailed tax assessment phase. This has become possible after a recent ruling by Mumbai bench of Income Tax Appellate Tribunal in which a taxpayer was allowed to modify his earlier selection of self- occupied property. In case of multiple properties, only one property is allowed to be selected as selfoccupied, while the rest are considered as deemed to be let out even if you have not actually let out the property (one has to pay tax on notional rental income from such a property).