The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has upheld the right of a taxpayer to change his selection of a house property that would be treated as self-occupied and having a ‘nil’ annual value. Consequently, the notional rent from such a house will not be taxable.
In other words, if the taxpayer has in his Income-tax (I-T) return declared a particular house property to be self-occupied, he can at a later stage during the actual tax assessment of his case substitute this with another house property owned by him, which perhaps is in a more posh location.
