What are the tax implications of owning multiple properties?

If you have multiple properties, few of these properties could be rented and others could be used by you yourself or left vacant. The properties rented out are known as 'Let out property'. Amongst the others not rented out, two properties can be treated as 'Self-occupied property' at a time and hence all others whether vacant or used shall be treated as 'Deemed Let-out property', and taxed accordingly.​