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FAQ: Are deductions of maintenance of a property beneficial? - Property Hotline
Posted
May 26, 2016
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26
May 26, 2016
26
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6:36Now PlayingExpert: Ashish Sodhani, Associate international tax practice, Nishith Desai & Associates.
Q: I purchased a ready property and took a loan of Rs. 30 lakh for the same. I have rented this property out. I do not reside here since I work far away. How much deduction can I avail under Section 24? Am I eligible for more benefits?
Answer: In your case, you will get the Rs 2 lakh interest deduction. Apart from that, since you have taken a loan the principle amount can be available for deduction. In respect to the income you are receiving as rent, this could be considered as the income by business or profession as said by the Supreme Court hence you can take deductions over it. You can take the deduction on the furniture of the house, maintenance to develop the house and reduce it from the principle amount and pay taxes over it only.
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