Meaning of Self-occupied property

A self-occupied property means a property owned by the taxpayer which is occupied throughout the year by the owner for the purposes of his own residence and is not actually let out during the whole or any part of the year. Thus, a property not occupied by the owner for his residence cannot be treated as a self occupied property. However, there is one exception to this rule. If the
following conditions are satisfied, then the property can be treated as self occupied and the annual value of a property will be “Nil”, even though the property is not occupied by the owner throughout the year for his residence:

a) The taxpayer owns a property;
b) Such property cannot actually be occupied by him owing to his employment, business or profession carried on at any other place and he has to reside at that other place in a building not owned to him;
c) The property mentioned in (a) above (or part thereof) is not actually let out at any time during the year;
d) No other benefit is derived from such property.

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Disclaimer: The above article is only for information purpose and is on based on the author’s interpretation of the relevant provision. The same should not be considered as professional advice.