How to Compute "Income from Self Occupied House Property"?

For up to two properties that are not rented out, the Gross Annual Value can be regarded as NIL, treating them as Self Occupied properties. From Nil Annual Value, the deductions for municipal taxes paid for property shall not be permitted in relation to such property or properties.

However, the Interest on Loan for property shall be allowed as deduction up to a maximum of Rs. 2 Lakhs per annum. Such deduction is allowed only if you are opting for the "Old Tax Regime" and not the "New Tax Regime.".